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FxWirePro:GBP/AUD longs struggle as focus shifts to June UK consumer prices data

• GBP/AUD initially gained on Tuesday  but rally fizzled  as  investors awaited.
   .
• Economists expect inflation to have eased to 8.2% in June versus 8.7% in the previous

• At GMT 18:20, the pair was trading 0.11% down 1.9156, after hitting  session high at 1.9282

• Technical signals are bullish as RSI is at 56, daily momentum studies  5,9,21 DMA are trending north. 

• Immediate resistance is located at 1.9278 (23.6%fib ), any close above will push the pair towards 1.9345 (Higher BB).

• Strong support is seen at 1.9133 (38.2%fib) and break below could take the pair towards 1.9077 (21DMA).

Recommendation: Good to buy on dips around 1.9140 with stop loss of 1.9080 and target price of 1.9210
 

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