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FxWirePro: GBP/AUD bears maintain upper hand

• GBP/AUD gave up initially gains   as investors digested RBA rate decision and awaited fresh catalyst.

•Australia’s central bank raised its cash rate to a 15-year high of 4.60% on Tuesday, its fourth hike this year, saying inflation remained too high and further increases could be needed.

• On the data front, Bank of England data showed unsecured lending to British households ​grew at its ​fastest annual pace ⁠since 1993 in August, highlighting resilient consumer demand ahead of the October budget.

•British shop price inflation slowed slightly in ​September despite cost pressures on retailers from the Iran ​war, ⁠according to a survey from the British Retail Consortium.

•Investors are  awaiting second-quarter GDP data due later this week for clues on the health of ⁠the ​UK economy.

• Immediate resistance is located at 1.8952(Higher BB), any close above will push the pair towards 1.9000(Psychological level).

• Immediate support is seen at 1.8875(38.2%fib) and break below could take the pair towards 1.8831(SMA 20).

Recommendation: Good to sell around 1.8940, with stop loss of 1.9000 and target price of 1.8870

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