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FxWirePro:GBP/AUD steadies above 1.7700 level, retains bid tone

• GBP/AUD strengthened on Friday as concern of weaker global growth , lower oil prices, COVID-19 lockdowns in China   weighed  Australian dollar.

• China’s zero-covid policy lock downs have driven downgrades to China's GDP outlook and increased concerns over global growth

• The is pair heading towards the 38.2%fib, as near term direction of the pair is likely to be driven by current price action. 

• Technical signals are bullish as RSI is at 51, daily momentum studies  5,9 and 10 DMAs are trending up.

•  Immediate resistance is located at 1.7839 ( 50%fib), any close above will push the pair towards 1.8028 (38.2%fib)

• Strong  support is seen at 1.7640 (38.2%fib) and break below could take the pair towards 1.7541 (14DMA).

Recommendation: Good to buy  around 1.7700, with stop loss of 1.7580 and target price of 1.7780.

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