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FxWirePro:GBP/AUD falls below 1.9300 level as soft UK GDP and US CPI data weighs

• GBP/AUD declined sharply on Wednesday  as investors digested soft UK GDP and US CPI data.

• The Office for National Statistics reported   that UK GDP remained unchanged in April compared to the previous month, marking a slowdown from the 0.4% growth observed in March.

• Data showed US Consumer price index was unchanged in May.CPI increased 3.3% on year-on-year basis, core CPI rose 0.2%; up 3.4% on year-on-year basis.

• Technicals are favouring bearish sentiment as RSI is at 49 and the pair is trading below   5,10 & 11-DMAs.

• Immediate resistance is located at 1.9213 (50% fib), any close above will push the pair towards 1.9290 (61.8%fib)

• Strong support is seen at 1.9136 (38.2% fib)and break below could take the pair towards 1.9045 (23.6% fib).

Recommendation: Good to sell  around 1.9180, with stop loss of 1.9280 and target price of  1.9120

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