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FxWirePro: GBP/AUD getting back on track for a run towards 1.8500

• GBP/AUD initially dipped on Tuesday, but recovered most of the ground  as market spotlight turned to UK’s Reopening plans and  Federal reserve meeting  on Wednesday.

• GBP/AUD hits daily low at 1.6706 but   recovered  to trade at 1.6776. Significant moves in this pair are likely to be limited ahead of Wednesday’s Federal Reserve   meeting.

• Technical lean bullish, RSI is trending up , momentum studies, 5, 9,11 DMAs are trending  southwards.

• Immediate resistance is located at 1.8444( 38.2%fib), any close above will push the pair towards 1.8500( Higher BB).

• Support is seen at 1.8381(50%fib) and break below could take the pair towards 1.8313 (61.8%fib).

Recommendation: Good to buy around 1.8400, with stop loss of 1.8315 and target price of 1.8480.

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