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FxWirePro: GBP/AUD uptrend looks tired, but continues to hold

•    GBP/AUD eased slightly as the pairs bullish movement stalled as markets   reassessed   interest rate path of   Bank of England.

•    Bank of England governor Andrew Bailey said last week the central bank could become 'more aggressive' on rate cuts if inflation pressures continue to weaken.

•    The pair hit daily high at 1.9476, but retreated slightly , it was last down 0.08% at 1.9442.

•    Technical signals are bullish as RSI is at 51, daily momentum studies  5,9,21 DMA are trending north. 

•    Immediate resistance is located at 1.9472(38.2%fib), any close above will push the pair towards 1.9554  (23.6%fib).

•    Strong support is seen at 1.9405 (50%fib) and break below could take the pair towards 1.9347(61.8%fib).

Recommendation: Good to buy around 1.9430 with stop loss of 1.9360  and target price of 1.9510
 

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