FxWirePro: GBP/AUD gives up some ground but bias is still bullish

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• GBP/AUD initially gained on Wednesday but gave up ground after soft China economic data and cooler than expected German inflation.

•Weakness is likely a to be temporaiy as UK higher is likely to remain elevated

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 47.85.

• Immediate resistance is located at 1.9133( 23.6%fib), any close above will push the pair towards 1.9232 ( Higher BB).

• Strong support is seen at 1.9022(5DMA ) and break below could take the pair towards 1.882 (38.2% fib).

Recommendation: Good to buy around 1.9020, with stop loss of 1.8900 and target price of 1.9100

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