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FxWirePro: GBP/AUD intraday upside momentum strong after UK GDP data, good to buy on dips

• GBP/AUD strengthened on Monday as   GBP  was supported by   slightly better than expected UK GDP print.

• Britain's economy rebounded in October a little more strongly than expected from September . Gross domestic product grew by 0.5% after September's 0.6% contraction.

• A rally towards is  1.8250 level is  possible if  GBP/AUD bulls overcome resistance at 1.8240 (23.6%fib ).

• Technical signals are bullish as RSI is at 62, daily momentum studies  5 DMA, 9 EMA are trending up. 

•  Immediate resistance is located at 1.8240 (23.6%fib ), any close above will push the pair towards 1.8286(Higher BB).

• Strong support is seen at 1.8065(9DMA) and break below could take the pair towards 1.7955 (38.2%fib).

Recommendation: Good to buy on dips around 1.8180 with stop loss of 1.8110 and target price of 1.8250

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