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FxWirePro: GBP/AUD steadies above 1.8300 after BoE rate hike, good to buy on dips

• GBP /AUD steadied above1.8300  on Thursday after  Bank of England raised borrowing costs by 25 bps, in line with expectations.

• The BoE move comes after similar hike from the Fed, which raised rates by 25 bps to the 4.75%-5.00% range on Wednesday.

• The pair hit daily high at 1.8362 and was last trading at 1.8334 at (GMT 16:17).

• Technical signals show the pair could gain more ground in the short-term as RSI is at 70 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.8362 (23.6% fib), any close above will push the pair towards 1.8431 (Higher BB).

• Immediate support is seen at 1.8275 (5DMA) and break below could take the pair towards 1.8177 (38.2%fib).

Recommendation: Good to buy on dips around 1.8270, with stop loss of 1.8160, and target price of 1.8380
 

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