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FxWirePro: GBP/AUD buoyancy keeps consolidation intact
•GBP/AUD strengthened on Monday as the decline in COVID cases in the UK and less aggressive taper expectations at this week's Fed meeting boosted sterling across the board.
•New COVID 19 cases in the UK fell for the fifth consecutive day on Sunday, with Pound responding positively to the drop in COVID-19 cases.
•At GMT 16:39, the pair was last trading up 0.44 percent at 1.8727 after reaching daily high at 1.8754.
•Technical signals are bullish as RSI is at 70, daily momentum studies 5, 9 and 10 DMAs are trending up.
•Immediate resistance is located at 1.8757 (23.6%fib ), any close above will push the pair towards 1.8784 (Higher BB).
•Strong support is seen at 1.8646 (38.2%fib) and break below could take the pair towards 1.8619 (9DMA).
Recommendation: Good to buy on dips around 1.8700, with stop loss of 1.8620 and target price of 1.8780