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FxWirePro: GBP/AUD stuck in range but maintains bullish bias

• GBP/AUD traded in tight range  on Tuesday  as market participants awaited the Bank of England's upcoming interest rate decision.

• Traders are currently estimating a nearly 60% probability that the Bank of England will reduce interest rates by 25 basis points to 5.0% on August 1.

• Investors are also closely monitoring the monetary policy decisions from the Bank of Japan and the Federal Reserve, both scheduled for Wednesday.

• Pair traded in   1.9598/1.9662 range and was last trading at 1.9630 in    US afternoon session.

•  Immediate resistance is located at 1.9705(23.6%fib), any close above will push the pair towards 1.9778(Higher BB)

• Strong  support is seen at 1.9567(38.2%fib) and break below could take the pair towards 1.9454(50%fib)

Recommendation: Good  to buy around 1.9620, with stop loss of 1.9550 and target price of 1.9700

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