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FxWirePro: GBP/AUD gently bid,a close above a key level needed to tighten grip

• GBP/AUD  traded in tight ranges on Thursday as  the pair  struggled to build positive momentum as investors digested US economic data.

• Choppy overnight action leads to a short lived dip but  buyers emerged near 50% fib support.

• Technical signals are slightly bullish as RSI is at 51 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.9260 ( 38.2% fib), any close above will push the pair towards 1.9335 (Oct 24th high).

• Immediate support is seen at 1.9157 (20DMA) and break below could take the pair towards 1.9133  (50% fib).

• Recommendation: Good to buy around 1.9160, with stop loss of 1.9050 and target price of 1.9220
 

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