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FxWirePro: GBP/AUD maintains bearish outlook despite pullback risk


• GBP/AUD declined on Monday  as    weak UK business activity readings and  stronger Australian dollar weighed on the pair.

• British businesses reported a slowdown in growth this month, potentially encouraging the Bank of England (BoE) to consider cutting rates again.

•  The preliminary estimate of the UK S&P Global Composite Purchasing Managers' Index (PMI) fell to 52.9 in September, below economists' forecast of 53.5  .  

•  A close below  50% fib, will likely trigger a new bearish phase with potential for 1.9400 level.

• Immediate resistance is located at 1.9628(38.2% fib), any close above will push the pair towards 1.9696(Higher BB).

• Strong support is seen at 1.9509 (50% fib) and break below could take the pair towards 1.9373 (61.8% fib).

Recommendation: Good to sell on  around 1.9520, with stop loss of 1.9640 and target price of 1.9400

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