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FxWirePro: GBP/AUD uptrend losses momentum but bullish setup remains

• GBP/AUD initially gained but on Monday  but gave up ground on  cautious market mood .

• There is no UK data today, but Tuesday will be busy with employment and PMI’s.

• A daily close above 23.6%fib will further improve the technical outlook, and open the possibility of a rally towards 1.9400 level. 

• Technical signals are bullish as RSI is at 54, daily momentum studies  5,9,21 DMA are trending north. 

• Immediate resistance is located at 1.9332 (23.6%fib), any close above will push the pair towards 1.9412 (Aug 4th High).

• Strong support is seen at 1.9221(9DMA) and break below could take the pair towards 1.9176(38.2%fib).

Recommendation: Good to buy around 1.9270 with stop loss of 1.9200 and target price of 1.9340
 

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