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FxWirePro:GBP/AUD runs out of steam but maintains bullish outlook

• GBP/AUD retreated from daily high on Tuesday  after cooler-than-expected U.S. inflation data fueled bets the Federal Reserve was done with its interest rate hikes.

• GBP/AUD failed to close above 23.6%fib resistance and dipped towards 1.9212.

• GBP/AUD bullish need break  above   resistance at 1.9260 will swill shift momentum to bulls.

• Technical signals show the pair could gain more ground in the short-term as RSI is bullisg at 54, daily momentum studies  5  and 9 DMAs are trending up.

• Immediate resistance is located at 1.9260(Nov 13th high), any close above will push the pair towards 1.9332(38.2%fib).

• Strong support is seen 1.9196 (38.2%fib) and break below could take the pair towards 1.9147 (21DMA)

Recommendation: Good to buy  around 1.9180, with stop loss of 1.9100 and target price of 1.9270

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