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FxWirePro:GBP/AUD intraday upside momentum strong after RBA's cautious 25Bps hike

• GBP/ AUD rose sharply on Tuesday as Australian dollar weakened after RBA raised interest rates as expected but softened its hawkish guidance on policy.

• The Reserve Bank of Australia (RBA) lifted its cash rate 25 basis points to 3.60%, the 10th straight move since last May when rates were at an all-time low of 0.1%.

 • At GMT 16:38 , the pair was trading up 0.59 percent  at 1.7965 after hitting daily high at1.8035.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 65,while moving averages are trending higher.

• Immediate resistance is located at 1.7993(23.6%fib), any close above will push the pair towards 1.8053(Higher BB).

• Immediate support is seen at 1.7827 (38.2%fib) and break below could take the pair towards 1.7785 (11DMA).

Recommendation: Good to buy around 1.7950, with stop loss of 1.7860 and target price of 1.8050

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