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FxWirePro :GBP/AUD gently bid, as conflicting factors contain gains

• GBP/AUD  edged  up  Tuesday but  gains were limited as  uncertainty over BoE monetary policy and the domestic political landscape kept gains in check.

•Investors expect the outcome of the July 4 UK general election will not significantly influence the British currency.

• Market focus will shift to comments from BoE Governor Bailey on Thursday for more insight into the timing of the central bank's interest rate cut.

• Technical signals show the pair could lose more ground in the short-term as RSI is lower at 57, daily momentum studies 9, 11 and 21 DMAs are trending up.

• Immediate resistance is located at 1.9227(38.2%fib),any close above will push the pair towards 1.9130 (50%fib).

• Immediate support is seen at 1.9141(38.2% fib) and break below could take the pair towards 1.9070(50% fib BB)

Recommendation: Good to buy  around 1.9180, with stop loss of 1.9100 and target price of 1.9260

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