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FxWirePro: GBP/AUD under pressure, key support levels in the focus

GBP/AUD dipped   on Monday  as  Australian dollar firmed against pound on expectations that the RBA will hold rates steady.

• The Reserve Bank of Australia   is widely viewed as remaining in a holding pattern on rates well into the coming months

• Focus now turns to appearances by Reserve Bank of Australia Governor Michele Bullock and Deputy Governor Andrew Kent at the Senate Economics Legislation Committee on Wednesday.

• Investors will also be watching Australia’s GDP data on Wednesday, where expectations are centered on a 0.7% quarter-on-quarter rise.

• Immediate resistance is located at 2.0280(Nov 28th high), any close above will push the pair towards 2.0357(50%fib).

• Immediate support is seen at 2.0186 (38.2%fib) and break below could take the pair towards 2.0020(Lower BB).

Recommendation: Good to sell around 2.0220 with stop loss of 2.0270  and target price of 2.0060

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