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FxWirePro: GBP/AUD steadies above 1.7700, good to buy on dips

• GBP /AUD strengthened on Monday  as concerns about the Chinese economy   and lower commodity oil prices weighed on Australian dollar.

• Oil prices fell   around 6% on Monday  as ongoing coronavirus lockdowns in China, the biggest oil importer, stoked concerns over the demand outlook.

• The pairs rise above the 1.7720 (38.2%fib)has reinforced the growing bullish strength, putting focus on resistance at 1.7900 level.

• Immediate resistance is located at 1.7845 (Higher BB), any close above will push the pair towards 1.7845 (Higher BB).

• Immediate support is seen at 1.7720 (38.2%fib) and break below could take the pair towards 1.7619(21DMA).

Recommendation: Good to buy on dips around 1.7730, with stop loss of 1.7620 and target price of 1.7850.
 

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