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FxWirePro:GBP/AUD consolidating around 1.9360, bias bullish

• GBP/ AUD strengthened on Tuesday as fall in   Dalian iron ore and gold prices weighed on Australian dollar.

• Dalian iron ore  fell to 5-month low on Tuesday , iron ore is big export earner for Australia.

• GBP/ AUD is now on course to test 23.6%fib resistence, if broken would will rise towards 1.9500 Level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 51,while moving averages and MACD are trending higher.

• Immediate resistance is located at 1.9435(23.6%fib), any close above will push the pair towards 1.9499 (Higher  BB).

• Immediate support is seen at 1.9271 (38.2%fib) and break below could take the pair towards 1.9212 (50%fib).

Recommendation: Good to buy around 1.9350, with stop loss of 1.9200 and target price of 1.9430

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