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FxWirePro: GBP/AUD sustains gains as uptrend remains strong

• GBP/AUD strengthened on Thursday as broad Australian dollar weakness helped the pound shrug  off political risks and recession fears.

• The Australian dollar  lost ground as copper , iron-ore drop  extended  as  recession fears persisted.

• At GMT 18:18, the pair was trading up 0.44 percent  at 1.7777 after reaching daily low at 1.7692.

• Technical signals are bullish as RSI is at 62, daily momentum studies  5,9,21 DMA are trending north. 

• Immediate resistance is located at 1.7786(Daily High ), any close above will push the pair towards 1.7866 (38.2%fib).

• Strong support is seen at 1.7692 (50%fib) and break below could take the pair towards 1.7663  (5DMA).

Recommendation: Good to buy on dips around 1.7770 with stop loss of 1.7680 and target price of 1.7860.
 

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