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FxWirePro: GBP/AUD maintains bullish bias with focus on 1.8700

•  GBP /AUD edged higher on Wednesday as weak Australian retail sales data and  extended COVID-19 lockdowns   pushed the Australian dollar lower against pound.

• Australian retail sales slumped in June as coronavirus lockdowns and mobility restrictions in Australia hit demand

• The pair hit daily high at 1.8655, it was last trading at 1.8634 at GMT 19:20.

• From a technical viewpoint, the moving averages are pointing upwards, while the RSI  is  bullish at 66.

• Immediate resistance is located at 1.8671 ( 23.6%fib), any close above will push the pair towards 1.7932 ( Ichimoku Cloud Top).

• Strong support is seen at 1.7776 ( Ichimoku Cloud Base) and break below could take the pair towards 1.7736 ( 38.2%fib).

Recommendation: Good to buy around 1.8630, with stop loss of 1.8500 and target price of 1.8700.

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