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FxWirePro: GBP/AUD uptrend looks tired, but continues to hold

• GBP/AUD initially dipped on Wednesday after data showed UK inflation hits 40-Yr high but recovered ground ahead of Australian jobs data.

•  UK headline annual CPI came in at 9% in April, just below forecast but well above March's 7% and the BoE's 2% target.

• GBP/AUD remains bullish, only a break and daily close above 1.7649 (50% fib)will shift bias to the downside.

• Technical are bullish, daily RSI is up at 54, daily momentum studies  5, 9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.7796 (38.2%fib ), any close above will push the pair towards 1.7884 (Higher BB).

• Strong support is seen at 1.7707 (5DMA) and break below could take the pair towards 1.7649 (50% fib).

Recommendation: Good to buy   around 1.7710, with stop loss of 1.7600 and target price of 1.7800

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