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FxWirePro: GBP/ AUD uptrend gains momentum, as positive sentiment builds

• GBP/ AUD rose on Tuesday as   UK's rapid COVID-19 vaccine rollout boosted sterling.

• The pair tests resistance at  1.7768 ( 38.2%fib).If GBP/ AUD closes above that resistance, levels above 1.7800 could be seen in the coming days.

• GBP/ AUD  traded a 95 pip range thus far Tuesday, 1.7681-1.7776

•  Technical signals are pointing uptrend as RSI is 51, daily momentum studies  5, 9 and 11 DMAs are trending up. 

• On the upside, Immediate resistance is located at 1.7768 ( 38.2%fib), any close above will push the pair towards 1.7848 (23.6% fib)

• On the downside, support is seen at 1.7700 (38.2%fib ) and break below could take the pair towards 1.7662 (9DMA).

Recommendation: Good to buy around 1.7760, with stop loss of 1.7662 and target price of 1.9800.
 

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