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FxWirePro:GBP/AUD longs gain traction as Bank contagion fears ease

 • GBP/ AUD rose   on Monday as  receding banking sector worries lifted risk mood ahead of Thurday's Bank of England rate decision.

• Money markets are pricing in a 50% chance of no interest rate hike by the BoE on Thursday  .

• GBP/ AUD is now on course to register a   close above the 1.8310( 23.6%fib), chart points to bigger gains  towards  1.8400 level  .

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55,while moving averages and MACD are trending higher. 

• Immediate resistance is located at 1.8310( 23.6%fib), any close above will push the pair towards 1.8396 (Higher BB).

• Immediate support is seen at 1.8205(5DMA) and break below could take the pair towards 1.8144 (38.2%fib).

Recommendation: Good to buy around 1.8270, with stop loss of 1.8200  and target price of 1.8350 
 

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