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FxWirePro: GBP/AUD rises after BoE's 25 Bps rate hike, good to buy on dips

• GBP/AUD initially dipped on Thursday on rebound sharply  as pound was aided by by rocketing gilt yields and hawkish BoE expectations.

• The Bank of England   lifted rates   for a fifth time since December by 25 basis points.

• The pair hit daily low at 1.7311, but rebounded sharply , it was last up 1.34% at 1.7612.

• Technical signals are bullish as RSI is at 53, daily momentum studies  5,9,and 11 DMA's are trending north. 

• Immediate resistance is located at 1.7663(23.6%fib ), any close above will push the pair towards 1.7714  (23.6%fib).

• Strong support is seen at 1.7557 (38.2%fib) and break below could take the pair towards 1.7529 (20DMA).

Recommendation: Good to buy around 1.7600 with stop loss of 1.7500 and target price of 1.7700.
 

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