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FxWirePro: GBP/AUD capped by the 38.2% fibonacci, good to sell on rallies

• GBP/AUD strengthened on Wednesday as    investor sentiment improved UK’s  budget announcement.

• GBP/AUD  rallied off from 1.7807 (intra-day low), lift stops after finding resistance at 1.7946 (38.2% fib).

• GBP/AUD remains vulnerable, only a break and daily close above 1.7946 (38.2% fib)will shift bias to the upside.

• Technical are bearish, daily RSI is negative at 49, daily momentum studies 14  and 21 DMAs are trending down. 

• Immediate resistance is located at 1.7946 (38.2% fib), any close above will push the pair towards 1.8018 (Higher BB).

• Strong support is seen at 1.7794 (50%fib) and break below could take the pair towards 1.7715 (Lower BB).

Recommendation: Good to sell on  around 1.7915, with stop loss of 1.8030 and target price of 1.7850


 

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