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FxWirePro: GBP/AUD reverses recent rally, bias back to downside

• GBP /AUD declined on Friday  as  higher oil prices and a 3% rise in Dalian iron ore underpinned Australian dollar.

• The pair hit daily low at 1.8842 and was last trading at 1.8850  .

• Technical signals are bearish as RSI is   at 46, daily momentum studies    9, 11 and 21 DMAs are trending down. 

• Immediate resistance is located at 1.8989(5DMA), any close above will push the pair towards 1.9115 (23.6%fib).

• Immediate support is seen at 1.8835(38.2%fib) and break below could take the pair towards 1.8760 (May 24th low).

Recommendation: Good to sell  around 1.8850, with stop loss of 1.8960 and target price of 1.8780
 

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