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FxWirePro: GBP/AUD capped by the 50.0% fibonacci, good to sell on rallies

• GBP/AUD  declined on Friday  investor appetite to look for returns outside the U.S. currency and higher commodities prices boosted Australian dollar.

• Bears have tightened their grip on this market,A break, daily close under 1.7811(38.2%fib) could deepen losses.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 43 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.

•  Immediate resistance is located at 1.7916 ( 50%fib), any close above will push the pair towards 1.7964 (30DMA).

• Strong support is seen at 1.7811(38.2%fib) and break below could take the pair towards 1.7731 (Lower BB).

Recommendation: Good to sell on rallies around 1.7860, with stop loss of 1.7960 and target price of 1.7770.
 

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