FxWirePro:GBP/AUD positions for another climb, eyes 1.7600 level
• GBP/ AUD strengthened on Friday as lower commodity prices and better than expected UK GDP data boosted the pair.
•UK economy performed better than expected in the second quarter. GDP output in UK rose by 0.2% in April through June, revised upward from a previous reading of a 0.1% contraction.
•Today’s rise has passed through the 38.2%fib fibonacci retrace point at 1.7358 and now eyes the 1.7600.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 64 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7477 (Dailyh high), any close above will push the pair towards 1.7656(23.6%fib).
• Strong support is seen at 1.7358(38.2%fib) and break below could take the pair towards 1.7239 (18th Aug low ).
Recommendation: Good to buy around 1.7430 with stop loss of 1.7300 and target price of 1.7600
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