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FxWirePro: GBP/AUD bounce extends after RBA leaves benchmark rate at 12-yr high

• GBP/AUD strengthened on Tuesday as  Australian dollar slipped lower  after RBA kept interest rate on hold.

• The Reserve Bank of Australia (RBA) maintained its rates at a 12-year high of 4.35% for the third consecutive meeting.

• A rally towards is   1.9600 level is  possible if  GBP/AUD bulls overcome resistance at 23.6%fib.

• Technical signals are bullish as RSI is at59, daily momentum studies  5 DMA, 9 EMA are trending up. 

•  Immediate resistance is located at 1.9510 (23.6%fib ), any close above will push the pair towards 1.9552 (Higher BB).

• Strong support is seen at 1.9391(Daily low) and break below could take the pair towards 1.9328  (38.2%fib).

Recommendation: Good to buy on dips around 1.9480 with stop loss of 1.9400  and target price of 1.9600
 

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