FxWirePro:GBP/AUD consolidating around 1.6700 ,bias is bullish

• GBP/AUD initially dipped  on Wednesday  but the pair staged a partial comeback on  as the BoE said it would step in to the bond market to stem a damaging rise in borrowing costs.

• The BoE said it would temporarily buy long-dated bonds - linked most closely to workers' pensions and home loans - in light of a surge in UK bond yields

• GBP/AUD , which hit   daily low  on Wednesday , was last up about 0.06% percent at 1.6700 in volatile trading.  

• A daily close above the 38.2%fib will further improve the technical outlook, and open the possibility of a rally towards 1.6850 level.

• Immediate resistance is located at 1.6716 (38.2%fib ), any close above will push the pair towards 1.6827 (9DMA).

• Strong support is seen at 1.6565(50%fib) and break below could take the pair towards 1.6479 (Daily low).

Recommendation: Good to buy on  around 1.6670, with stop loss of 1.6570 and target price of 1.6830