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FxWirePro: GBP/AUD under pressure as early buying dries up after dovish ECB hike

• GBP/AUD declined on Thursday as sterling was  negatively impacted by   dovish ECB statement and upbeat US data.

• The European Central Bank followed the Fed on Thursday with a 25 basis point hike  .

• A daily close below  50%fib  support will   open the possibility of a drop towards 1.8950 level.

• Technical signals are bearish as RSI is at 37, daily momentum studies  5, 9 and 10 DMAs are trending south. 

• Immediate resistance is located at 1.9127(38.2%fib), any close above will push the pair towards 1.9184(Jul 26th high)

• Strong support is seen at 1.9013 (50%fib) and break below could take the pair towards 1.8937(Lower BB).

Recommendation: Good to sell   around 1.9070, with stop loss of 1.9180 and target price of 1.9000
 

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