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FxWirePro :GBP/AUD falls below 1.8600, bears keep the advantage

• GBP/AUD eased on Thursday as gains in equities and iron ore  prices  boosted Australian dollar.

• Iron ore is Australia's biggest export earner, Dalian iron rose to 11-week high.

• Scope is growing for an eventual break under the 50% fib support level, an eventual break below   will accelerate further down.

• Technical signals show the pair could lose more ground in the short-term as RSI is turning sharply lower, daily momentum studies 9, 11 and 21 DMAs are trending  down.

• Immediate resistance is located at 1.8661 (38.2%fib),any close above will push the pair towards 1.8746(Higher BB ).

• Immediate support is seen at 1.8512(50% fib) and break below could take the pair towards 1.8420(Lower BB )

Recommendation: Good to sell below 1.8580, with stop loss of 1.8700 and target price of 1.8500

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