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FxWirePro: GBP/AUD downside pressure builds, key support level in focus

• GBP/AUD declined on Thursday as  the pair attracted seller after European Central Bank raised rates   and signalled the need for more tightening .

• The ECB, the central bank for the 20 countries that share the euro currency, raised interest rates by 25 basis points to 3.25%.

•  Technical signals   are bearish, RSI is falling, 10-DMA has crossed below 5-DMA. 

• Immediate resistance is located at 1.8782 ( 5 DMA), any close above will push the pair towards 1.8941(38.2%fib)

• Strong support is seen at 1.8711(50%fib ) and break below could take the pair towards 1.8608(May 2nd low).

Recommendation: Good to sell on rally around 1.8800, with stop loss of 1.8910 and target price of 1.8720
 

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