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FxWirePro: GBP/AUD uptrend gains momentum after RBA holds rates

• GBP/AUD strengthened on Tuesday as   Australian dollar declined across the board after its central bank left interest rates unchanged.

• The Reserve Bank of Australia maintained the interest rates at 4.35 , in line with market expectations. RBA highlighted that economic indicators had largely aligned with anticipated forecasts.

• A rally towards is  1.9300 level is  possible if  GBP/AUD bulls overcome resistance at 1.9263 (38.2%fib).

• Technical signals are bullish as RSI is at 54, daily momentum studies  5 DMA, 9 DMA and 11DMA's are trending up. 

•  Immediate resistance is located at 1.9263 (38.2%fib), any close above will push the pair towards 1.9322(14Nov high).

• Strong support is seen at 1.9124 (50%fib )and break below could take the pair towards 1.9075(Daily low).

Recommendation: Good to buy on dips around 1.9210 with stop loss of 1.9130  and target price of 1.9300
 

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