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FxWirePro: GBP/AUD maintains bullish bias with focus on 2.0800 level

• GBP/AUD rose  on Wednesday as  Australian dollar  eased against pound  as traders eyed Australian jobs data.

• Markets will eye Thursday’s jobs data, where a 25,000 rise is expected, rebounding sharply from June’s +2,000..

• The unemployment rate is expected to fall to 4.2% from 4.3%, while the participation rate is forecast to remain steady at 67.1%.

• A disappointing jobs report could heighten expectations for additional RBA rate cuts before year-end.

• Technical are bullish, daily RSI is bullish  at 55, daily momentum studies  9 and 10 DMAs are trending up. 

• Immediate resistance is located at 2.0772 (Higher BB), any close above will push the pair towards 2.0928 (50% fib).

• Strong support is seen at 2.0696 (38.2% fib) and break below could take the pair towards 2.0584(SMA 20).

Recommendation: Good to buy  on  around 2.0730, with stop loss of 2.0650  and target price of 2.0800

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