GBP/AUD Technical Analysis: 1.8720/20 regains market attention after soft Australian GDP data broke immediate resistance

• GBP/AUD is taking the round of bids near 1.8640 during early Wednesday.
• The pair grew from 1.8550 to the intra-day high near 1.8645 after gross domestic product (GDP) figures from Australia weakened on a quarterly basis.
• The fourth quarter (Q4) GDP figure lagged behind 0.3% market consensus and prior to 0.2% on quarterly basis whereas yearly comparison show 2.3% growth from the 2.8% registered during the same time last year and 2.5% forecast.
• After the release, the GBP/AUD pair broke descending trend-line resistance, at 1.8625, that joins the highs since late-Monday.
• As a result, buyers may now aim for 1.8720/25 area comprising highs marked in February and March till present.
• Given the pair crosses 1.8725 upside barrier, 61.8% Fibonacci expansion level of 1.8795 may lure the Bulls.
• Meanwhile, pullback under 1.8625 resistance-turned-support can well drag the quote to 23.6% Fibonacci retracement level of 1.8545 while a downward sloping trend-line at 1.8500 could restrict additional declines.
• If at all sellers refrain from respecting 1.8500 support, an ascending support-line stretched since February 21, coupled with 38.2% Fibonacci, might flash the 1.8440 on their radar.

GBP/AUD hourly chart