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


• GBP/AUD retreated on Friday from highs as the pair ran into key resistance after ticking up from 1.8528.

• GBP has been consolidating against AUD on surprising BoE rate hike  and   robust UK economic data.

• GBP/AUD remains bullish, only a break and daily close below  1.8463 (50DMA)will shift bias to the downside.

• Technical signals are bullish as RSI is at 51, daily momentum studies  5, 9 and 10 DMAs are trending north. 

• Immediate resistance is located at 1.8626 (23.6%fib ), any close above will push the pair towards 1.8700(Dec 1st high).

• Strong support is seen at 1.8509 (38.2% fib) and break below could take the pair towards 1.8463 (50DMA).

Recommendation: Good to buy on dips around 1.8550, with stop loss of 1.8470 and target price of 1.8610.

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