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FxWirePro: GBP/AUD positions for another climb, eyes 1.8400 level

• GBP /AUD strengthened on Monday as   bulls remained reluctant to give up   recent trend peaks.

• The pound's  rise against Australian dollar   came after a rise in China CPI and expectations of U.S. COVID recovery aid , shrugging off   U.S.-China political tensions.

• The pair hit daily high at 1.8087 and was last trading at 1.8078 at (GMT 19:28).

• Technical signals favours  bullish sentiment, RSI is at 56 and pair trades above 5  & 9-DMAs.

• Immediate resistance is located at 1.8304 (38.2%  fib), any close above will push the pair towards 1.8353 (6th Aug high).

• Immediate support is seen at 1.8232 (61.8% fib) and break below could take the pair towards 1.8182 (50% fib ).

Recommendation: Good to buy on dips around 1.8250, with stop loss of 1.8100 and target price of 1.8340.
 

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