• Fxwirepro:gbp/aud bulls look past stalled eu-uk trade talks,scope for further upside

    Source: FxWire Pro - Technicals / 31 Jul 2020 15:55:32   America/New_York

    • GBP /AUD rally extended above 1.8300 on Friday as bulls continued to shrug off stalled EU-UK talks.

    • Next round of EU-UK talks is to run until October  2nd .BoE MPA also is in focus next week, no change to rates or QE   is expected.

    • The pairs rise above the 1.8230 (38.2% fib) has reinforced the growing bullish strength, putting focus on  1.8400 ( Psychological level.

    • Technical signals favours  bullish sentiment, RSI is at 63 and pair trades above 5  & 9-DMAs.

    • Immediate resistance is located at 1.8367 (23.6% fib), any close above will push the pair towards 1.8400 (Psychological level).

    • Immediate support is seen at 1.8230 (38.2% fib) and break below could take the pair towards 1.8175 (55 DMA).

    Recommendation: Good to buy on dips around 1.8300, with stop loss of 1.8230 and target price of 1.8400.

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