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FxWirePro: GBP/AUD continued trading above a key fibo hints at a recovery

• GBP/ AUD steadied on Friday as   investors looked ahead to next week's UK inflation data and central bank meeting.

•  The next crucial factor for the BoE will be UK inflation data to be  released on Wednesday, just before its policy announcement.

 • Economists surveyed this week forecast that the Bank of England will keep interest rates at 5% on September 19, but will lower them to 4.75% following its meeting on November 7.

• Technical signals show the pair could gain more ground in the short-term as RSI is bullish at 55,while moving averages are trending higher.

• Immediate resistance is located at 1.9600(Sep 4th high), any close above will push the pair towards 1.9635 (38.2%fib).

• Immediate support is seen at 1.9501(50%fib) and break below could take the pair towards 1.9375(61.8%fib).

Recommendation: Good to buy around 1.9560, with stop loss of 1.9450 and target price of 1.9640

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