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FxWirePro: GBP/AUD uptrend gains momentum but hurdles ahead

• GBP/AUD  rose towards  1.9460  after UK retail sales data showed unexpectedly strong reading in September.

• Retail sales volumes grew by 0.3%, exceeding expectations of a 0.3% fall, amid fears about probable tax increases in the 2018 government budget.

• Technical are bullish, daily RSI is positive at 59, daily momentum studies  11and 14 DMAs are trending up. 

• Immediate resistance is located at 1.9488(23.6%fib), any close above will push the pair towards 1.9536 (Sep 26th high).

• Strong support is seen at 1.9417(38.2%fib) and break below could take the pair towards 1.9361 (50%fib).

Recommendation: Good to buy around 1.9450, with stop loss of 1.9350 and target price of 1.9530
 

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