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FxWirePro: GBP/AUD runs out of steam but maintains bullish outlook

• GBP/AUD after initially gained on Friday but gave gave up some ground  as investors remained concerned about the economic outlook for the United Kingdom.

• Pound has recovered  against Australian dollar sharply from their October lows, when a botched mini-budget roiled investor sentiment.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 64 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.8000 (Psychological level), any close above will push the pair towards 1.8112 (Higher BB).

• Strong support is seen at 1.7816(9DMA) and break below could take the pair towards 1.7676 (38.2%fib )

Recommendation: Good to buy around 1.7900 with stop loss of 1.7780 and target price of 1.8000

                                                                                                                                                                    

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