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FxWirePro : GBP/AUD consolidating around 1.7730, bias is bullish

• GBP/AUD initially gained  on Thursday but some erased some gains  after UK budget plan announcement

• UK finance minister Jeremy Hunt announced tax increases and tighter public spending in an effort to restore the country's economic reputation and cool inflation.

 • A rally towards bigger resistance in the 1.7940 zone is possible should GBP/AUD bulls overcome resistance at 1.7772(21 DMA).

• Technical are bullish as RSI is at 32, daily momentum studies 5, 10 and 21 DMAs are trending  up.

• Immediate resistance is located at 1.7772(21 DMA),any close above will push the pair towards 1.7662  (5DMA ).

• Immediate support is seen at 1.7632 (5DMA) and break below could take the pair towards 1.7583 (38.2%fib)

Recommendation: Good to buy  around 1.7720, with stop loss of 1.7600 and target price of 1.7820

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