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FxWirePro: GBP/AUD runs out of steam but maintains bullish outlook

• GBP/AUD held above 1.7900 on Friday as sterling was aided by BoE's optimistic longer-term outlook  and UK's vaccine roadmap.

•The UK has stolen a march over its European counterparts as its vaccine rollout tops over 10 million recipients and pushes the country closer to relaxing current COVID restrictions.

• The cross pair has been on a bullish trajectory since Jan 1st week, A close above would strengthen sterling's hold bullish hold further.

• Technical signals are bullish as RSI is at 60, daily momentum studies  5, 9 DMA’s are trending up. 

• Immediate resistance is located at 1.8054 ( 38.2%fib), any close above will push the pair towards 1.8099 ( Higher BB).

•Strong support is seen at 1.7926 (50%fib) and break below could take the pair towards 1.7803 (61.8%fib).

 Recommendation: Good to buy around 1.7900, with stop loss of 1.7822  and target price of 1.8050.
 

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