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FxWirePro: GBP/AUD buoyance keeps consolidation intact ,good to buy on dips

• GBP/AUD strengthened on Friday as risk sensitive pound  steadied   ahead Bank of England meeting.

• Economists polled   expect the BoE to raise rates by a further quarter point on May 11 to 4.5%raders lean on hawkish BoE expectations..

• A rally towards is  1.9200 level is  possible if  GBP/AUD bulls overcome resistance at 1.9149(23.6%fib).

•Technical signals are bullish as RSI is at 73, daily momentum studies  5 DMA, 9 EMA are trending up. 

•  Immediate resistance is located at 1.9043 (Daily high ), any close above will push the pair towards 1.9149(23.6%fib).

• Strong support is seen at 1.8808(38.2%fib) and break below could take the pair towards 1.8680 (9DMA).

Recommendation: Good to buy on dips around 1.9000 with stop loss of 1.8900 and target price of 1.9100
 

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