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

• GBP/AUD recovered some ground  on Monday but gains were limited as investors  awaited key economic data and the Bank of England's rate cut decision.

• Investors held back from making big bets this week ahead of consumer price index (CPI) figures due on Wednesday and the Bank of England's next monetary policy meeting on Thursday..

• GBP/AUD remains vulnerable, only a break and daily close above 1.9388(50%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 1.9231 (38.2%fib), any close above will push the pair towards 1.9388(50%fib).

• Strong support is seen at 1.9147 (Daily low) and break below could take the pair towards 1.9099(Lower BB).

Recommendation: Good to sell on  around 1.9210, with stop loss of 1.9280 target price of 1.9150
 

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