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FxWirePro:GBP/AUD steadies above 1.75450 retains bid tone

• GBP/ AUD strengthened  on Monday  as risk-sensitive AUD was negatively impacted by easing oil prices and geopolitical tension.

• Crude prices fell  snapping five days of gains, as investors took profits after a report on slowing economic activity in China.

• The pair is attempting to breach resistance at 23.6% fib. A decisive break closure above will  generate further gains.

• Technical signals are bullish as RSI is at 63, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.7608 ( 23.6% fib), any close above will push the pair towards 1.7713 (Higher BB).

• Immediate support is seen at 1.7489 (5DMA) and break below could take the pair towards 1.7334 (38.2% fib).

  Recommendation: Good to buy around 1.7540, with stop loss of 1.7360 and target price of 1.7660
 

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