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

• GBP/AUD declined on Friday  as sterling was weighed down  amid concerns over rising COVID-19 cases in UK.

• Sterling was also under pressure from Britain’s looming end of fiscal support measures such as the job furlough scheme that winds down in September.

• At GMT 17:51, the pair was trading down 0.11 percent   at $1.8595.

• Currently, the 1.8560 (5DMA) barrier is restricting lower move, will likely be  a speed bump to bears. 

•  Immediate resistance is located at 1.8645( 23.6%fib), any close above will push the pair towards 1.8676(Higher BB)

• Support is seen at 1.8560(5DMA ) and break below could take the pair towards 1.8532 (38.2%fib).

Recommendation: Good to buy around 1.8580, with stop loss of 1.8500 and target price of 1.8680.
 

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