FxWirePro: GBP/AUD on track to test 200-DMA at 1.6660, good to short rallies

• GBP/AUD slips below 20-DMA at 1.6861, price action has fallen below daily cloud, intraday bias lower.
   
• Price has retraced break below strong trendline support seen at 1.6780 levels.
   
• The pair finds support at weekly 20-SMA at 1.6823, close below will see further drag.
   
• Technical studies are bearish, we see scope for test of 200-DMA at 1.6660.
   
• Bearish invalidation seen on close above daily cloud base at 1.6916.
   

Support levels - 1.6780 (trendline), 1.6706 (June 27 low), 1.6660 (200-DMA)

Resistance levels - 1.6861 (20-DMA), 1.6918 (converged 5-DMA and cloud base), 1.6981 (July 11 high)

Recommendation: Good to go short on rallies around 1.6810/20, SL: 1.6880, TP: 1.6780/ 1.67/ 1.6660

FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at -95.3944 (Bearish), while Hourly AUD Spot Index was at 98.0824 (Bullish) at 1115 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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