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FxWirePro: GBP/AUD dips below lower range, bearish bias increases


• GBP/AUD declined on Monday as investors awaited    key UK economic data and BoE speeches this week 

• December GDP figures will be key to determining if the UK economy returned to growth, with UK gilt yields and sovereign CDS spreads also could influence  GBP sentiment.

• GBP/AUD is approaching  38.2%fib support, break lower risks run towards 1.9650level.  

• Technical are bearish, daily RSI is turning negative  at 40 , daily momentum studies  9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.9856(38.2%fib ), any close above will push the pair towards 1.9958(Feb 7th high).

• Strong support is seen at 1.9678(50%fib ), and break below could take the pair towards 1.9403(61.8%fib).

Recommendation: Good to sell on  around 1.9800 with stop loss of 1.9950 and target price of 1.9650
 

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