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

• GBP /AUD after initially gaining on Monday   the pair retreated  as worries over a deep downturn in major economies lingered.

• In an up-and-down session, the pair hit high at 1.7281 in early trading then retreated  towards 1.9051.

• 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  1.9107 (Daily high), any close above will push the pair towards 1.9205 (23.6%fib).

• Strong support is seen at 1.9000(38.2%fib) and break below could take the pair towards 1.8905 (5DMA )

Recommendation: Good to buy around 1.9020 with stop loss of 1.8900 and target price of 1.9100

 

 

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