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FxWirePro: GBP/AUD drifts lower , could be on verge of a bigger drop

• GBP/AUD declined  on Tuesday as investors assessed the evolving political landscapes in Britain and France..

• The Labour Party achieved a landslide victory in Thursday's election, pledging stability following a turbulent period marked by four Conservative Prime Ministers in five years.

• U.S. consumer price index figures and Britain's GDP data are scheduled for release later in the week, and these could impact the future paths of interest rate cuts in both economies.

• Technical signals are bearish as RSI at 41, daily momentum studies  21, 30 and 50 DMA’s are trending down.

• Immediate resistance is located at 1.9044 (38.2% fib), any close above will push the pair towards 1. 9107 (50% fib).

• Immediate support is seen at 1.89641(23.6% fib) and break below could take the pair towards 1.8900 (Feb 9th low).

 Recommendation: Good to sell  around 1.9000, with stop loss of 1.9100 and target price of 1.8950

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