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FxWirePro: GBP/AUD attracts selling interest, vulnerable to more downside

• GBP/AUD declined on Thursday after data   showed U.S. inflation continued to moderate in October.

• Inflation as measured by the personal consumption expenditures (PCE) price index was unchanged in October after climbing 0.4% in September.

• The pair dropped below 11DMA. A break under  23.6% fib  support would unmask 1.9000 level .

• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 48.

•Immediate resistance is located at 1.9114(11DMA ) , any close above will push the pair towards 1.9171 (38.2% fib).

• Immediate support is seen at 1.9054 (23.6% fib ) and break below could take the pair towards 1.9000 (Psychological level ).

Recommendation: Good to around 1.9120, with stop loss of 1.9200 and target price of 1.9050

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