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FxWirePro: GBP/AUD heads deeper into bear territory, bears plotting path towards 1.6900

• GBP/AUD declined  sharply on Friday after data showed the U.K. economy contracted  in the second quarter.

•  Data from the Office for National Statistics showed that GDP fell 0.1 percent sequentially in the second quarter, after a revised 0.8 percent growth in the previous quarter.

•   Technical signals are bearish as RSI is at 29, daily momentum studies  5, 9 and 10 DMAs are trending down.

Immediate resistance is located at 1.7078 (38.2% fib), any close above will push the pair towards 1.7187 (50% fib).

• Immediate support is seen at 1.7024(Daily low ) and break below could take the pair towards 1.6953 (23.6% fib).

Recommendation: Good to sell on rallies around 1.7060, with stop loss of 1.7150 and target price of 1.6900.

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