• GBP/AUD rebounded on Wednesday as the pair attracted buyers ahead purchasing managers index (PMI) numbers from the UK.
• The upcoming UK purchasing managers index (PMI) data is expected to provide crucial insights into the nation’s economic performance, with forecasts suggesting potential growth.
• A daily close above 1.9412 will further improve the technical outlook, and open the possibility of a rally towards 1.9500 level
• Technical are bullish, daily RSI is up at 51 , daily momentum studies 9 and 10 DMAs are trending north.
• Immediate resistance is located at 1.9412 (50%fib ), any close above will push the pair towards 1.9496 (61.8%fib).
• Strong support is seen at 1.9288(38.2%fib ), and break below could take the pair towards 1.9181 (Lower BB).
Recommendation: Good to buy around 1.9480 with stop loss of 1.9420 and target price of 1.9570
