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FxWirePro : GBP/AUD slips towards 1.9000 level as weak UK business activity, retail data weighs

• GBP/AUD dipped on Monday  after a survey showed Britain's private sector growing at its slowest pace in six months in July.

•The preliminary reading of the UK S&P Global Purchasing Managers' Index (PMI) for the services sector sank to its lowest since the pandemic lockdown of January 2021

• British retail data showed consumer spending partially recovered in August after a rain-soaked July - growing 0.4% month-to-month - but narrowly missed economist forecasts.

• Technicals are favouring bearish sentiment as RSI is at 32 and the pair is trading below   5,10 & 11-DMAs.

• Immediate resistance is located at 1.9047 (5DMA), any close above will push the pair towards 1.9144(38.2%fib)

• Strong support is seen at 1.8979 (38.2% fib)and break below could take the pair towards 1.8933 (Lower BB).

Recommendation: Good to sell  around 1.9010, with stop loss of 1.9150 and target price of  1.8920

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