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FxWirePro: GBP/AUD maintains bullish bias with focus on 1.7900 level

• GBP /AUD rose higher on Wednesday as optimism on the COVID 19 vaccine rollout boosted sterling.

• Britain’s successful initial vaccine rollout has helped the pound, although its death toll from the coronavirus pandemic passed 100,000 on Tuesday.

• The pair hit daily high at 1.7865 and was last trading at 1.7841 at (GMT 15:12).

• The pairs rise above the 1.7770 (38.2%fib) has reinforced the growing bullish strength, putting focus on  at 1.7900 psychological level.

• Immediate resistance is located at 1.7853 (23.6% fib), any close above will push the pair towards 1.7925 (24th Dec high).

• Immediate support is seen at 1.7770 (38.2%fib) and break below could take the pair towards 1.7698 (50%fib).

Recommendation: Good to buy on dips around 1.7800, with stop loss of 1.7700 and target price of 1.7920.


 

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