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FxWirePro: GBP/AUD eyes fibo resistance after rallying off from 1.7869


• GBP/AUD strengthened on Tuesday as Australian dollar was weighed down by lower oil prices.

• Rising concerns over a third wave of the coronavirus pandemic amid slow vaccine rollouts in Europe hurt oil on Tuesday.

• GBP/AUD hits 1.8016 after rallying off from 1.7868 (intra-day low), it was last trading at 1.7987 at 18:21 GMT.

• The pair has traded a 143pip range on Tuesday. Unless there is major news uptrend is set to extend.

• Technical are bullish, daily RSI is higher at 54, daily momentum studies 14  and 21 DMAs are trending down. 

• Immediate resistance is located at 1.8016 (38.2%fib ), any close above will push the pair towards 1.8092 (Higher BB).

• Strong support is seen at 1.7836 (50%fib) and break below could take the pair towards 1.7772 (Lower BB).

Recommendation: Good to buy  around 1.7970, with stop loss of 1.7780 and target price of 1.8050

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