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FxWirePro: GBP/AUD poised for further upside after key fibo break

• GBP /AUD strengthened on Friday as lower commodity prices weighed on  Australian dollar .

• Copper and aluminium prices rebounded on Friday after two days of declines, bolstered by tight supply, hopes of more Chinese stimulus and firmer oil prices.

• The pair hit daily high at 1.7506 and was last trading at 1.7440.

• The pairs rise above the 1.7439 (38.2% fib) has reinforced the growing bullish strength, putting focus on resistance at 1.7650 level in the short term.

• Immediate resistance is located at 1.7506(5DMA), any close above will push the pair towards 1.7622 (50% fib).

• Immediate support is seen at 1.7439 (38.2% fib) and break below could take the pair towards 1.7167 (23.6%fib).

Recommendation: Good to buy on dips around 1.7470, with stop loss of 1.7400 and target price of 1.7650.

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