FxWirePro: GBP/AUD consolidates around 1.8630, bias is bullish

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• GBP/AUD strengthened on Friday as growing rate divergence between the UK and other major economies kept cross pair in consolidation mode.

• Next week’s UK CPI and the BoE rate announcement on June 21-22, a hot CPI print could produce an even more hawkish response from the MPC.

•. Technical signals show the pair could gain more ground in the short-term as RSI is rising ,while moving averages 5 and 9DMS’s are trending higher.

• Immediate resistance is located at 1.86884 (23.6%fib ), any close above will push the pair towards 1.8747 (14DMA).

•Immediate support is seen at 1.8547(38.2%fib ) and break below could take the pair towards 1.8510 (June 13th low).

Recommendation: Good to buy around 1.8630, with stop loss of 1.8550 and target price of 1.8700.

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