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

• GBP /AUD declined on Thursday  as Australian dollar was boosted by improved risk appetite.
 
• Strong metal prices also helped   Australian dollar as copper soared over 3%.

• The pair hit daily low at 1.7001 and was last trading at 1.9253.

• Technical signals are bearish as RSI is   at 39 daily momentum studies    9, 11 and 21 DMAs are trending down. 

• Immediate resistance is located at 1.9253(38.2% fib), any close above will push the pair towards 1.9253(23.6% fib)  .

• Immediate support is seen at 1.9126 (50%fib) and break below could take the pair towards 1.9017(61.8%fib).

Recommendation: Good to sell around 1.9210, with stop loss of 1.9300 and target price of 1.9130

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