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FxWirePro: GBP/AUD uptrend resumes rise toward 1.9700 level, good to buy on dips

• GBP/ AUD strengthened on Tuesday as  Aussie dollar slumped after the Reserve Bank of Australia kept rates steady.

• Wrapping up its September policy meeting, the Reserve Bank of Australia (RBA) held rates at 4.10% and reiterated that further tightening may still be required to bring inflation to heel  .

• GBP/ AUD traded in  range 1.9516-1.9742, the pair was last trading up 0.82 percent   at  1.9700.

• From a technical viewpoint, RSI  is strongly bullish at 57, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.9750(Daily high), any close above will push the pair towards 1.9911(23.6%fib).

• Immediate support is seen at 1.9645 (38.2%fib) and break below could take the pair towards 1.9585 (5DMA).

Recommendation: Good to buy around 1.9680, with stop loss of 1.9500 and target price of 1.9780

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