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

• GBP/AUD steadied around 1.7900  on Wednesday   after preliminary British economic activity data beat expectations, though it still showed contraction was underway.

• The "flash" version of the HIS Markit/CIPS composite purchasing managers' index (PMI) for Britain edged up to 48.3.

• The is pair heading towards the 23.6%fib, as near term direction of the pair is likely to be driven by current price action.  

• Technical signals are bullish as RSI is is 58   , daily momentum studies  5, 9 and 11 DMAs are trending up. 

• Immediate resistance is located at 1.8028 (23.6%fib), any close above will push the pair towards 1.8148 (Higher BB).

• Strong support is seen at 1.7813(38.2%fib) and break below could take the pair towards 1.7738 (14 DMA).

Recommendation: Good to buy  around 1.7880, with stop loss of 1.7760 and target price of 1.7970

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