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FxWirePro:GBP/AUD consolidates around 1.9285 , maintains bullish bias

• GBP/AUD strengthen on Thursday    as traders remained long after data showed the UK economy grew in line with expectations in August.

• Official data showed the economy expanded by 0.2% in August from July, in line with a  poll of economists.

• The is pair heading towards 23.6% fib resitence, as near term direction of the pair is likely to be driven by current price action.  

• Technical are bullish, daily RSI is positive at 26, daily momentum studies  9 and 10 DMAs are trending up . 

• Immediate resistance is located at 1.9312 (23.6% fib), any close above will push the pair towards 1.9394 (Jul 11th high).

• Strong support is seen at 1.9181 (5DMA) and break below could take the pair towards 19143 (38.2% fib).

Recommendation: Good to buy  around 1.9270, with stop loss of 1.9160 and target price of 1.9350
 

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