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FxWirePro: GBP/AUD gains some upside momentum but still bearish

• GBP/ AUD strengthened on Wednesday but gains were limited as   investors awaited   UK May GDP and U.S. CPI data for policy path clues.

• UK May GDP data is due Thursday, data follows US June CPI data later in  US session. Solid  UK GDP print and a  soft  US CPI print is expected on  Thursday.

•GBP/ AUD has run out of steam after hitting resistence at 1.9051, pair is like to fall further into bear territory.

• The technical outlook remains bearish and points to eventual bigger losses, Fourteen-day momentum is negative, reinforcing the scope for a bigger slump. 

• Immediate resistance is located at 1.9051( 38.2%fib), any close above will push the pair towards 1.9130 (50%fib).

• Immediate support is seen at 1.8961 (23.6%fib) and break below could take the pair towards 1.8914(Lower BB).

Recommendation: Good to sell around 1.9040, with stop loss of 1.9160and target price of 1.8960
 

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