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

• GBP/AUD retreated on Wednesday  from daily high  as fractionally cooler than expected UK CPI data weighed  on the pound.

• Britain's inflation cooled to 3.4% in February ahead of the Bank of England's monetary policy verdict on Thursday.

• Pair traded in   1.9454/1.9508  range and was last trading at 1.9468   in  the US afternoon session.

• Technical signals are bullish  as RSI is at 58, daily momentum studies  5, 30 DMAs are trending north. 

• Immediate resistance is located at 1.9508 (23.6%fib), any close above will push the pair towards 1.9556(Higher BB).

• Strong support is seen at 1.9388 (March 19th low) and break below could take the pair towards 1.9334 (38.2% fib).

Recommendation: Good to buy on dips around 1.9460 with stop loss of 1.9360 and target price of 1.9540

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