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FxWirePro: GBP/ AUD neutral in the near-term, scope for downward resumption

• GBP/ AUD  traded in tight range  on Tuesday  as investors turned cautious ahead of the Bank of England's policy announcement on Thursday.

• Despite UK inflation climbing to 4% and core inflation jumping to 5.1%, there is growing anticipation that previous BoE hawks would flip their votes to hold, signifying a less hawkish tilt.

• GBP/ AUD   traded in the very tight 1.9183-1.9252 and was last trading at up 0.12 percent  at 1.9238 in  US session.

• Immediate resistance is located at 1.9292(38.2%fib), any close above will push the pair towards 1.9367 (61.8%fib).

• Strong support is seen at 1.9209(38.2%fib) and break below could take the pair towards 1.9119 (  23.6%fib)

Recommendation: Good to sell around 1.9240 with stop loss of 1.9380  and target price of 1.9170

 

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