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FxWirePro: GBP/AUD pauses downside momentum, downside risk remains

• GBP/AUD  traded narrow range on Thursday as traders geared up for the release of the US Nonfarm Payrolls data scheduled for Friday.

• Traders hoped for signs of a weaker labour market to boost chances of a rate cut by the Federal Reserve as early as March.

•  The pair has seen a 1.9232 -1.9052  range  on Thursday. A close below 23.6%fib  support at 1.9052  will give further momentum to bears.

•   Immediate resistance is located at 1.9125 (5DMA), any close above will push the pair towards 1.9204 (38.2%fib).

• Strong support is seen at 1.9052  (23.6%fib) and break below could take the pair towards 1.9033(23.6%fib).

 Recommendation: Good to sell around 1.9100, with stop loss of 1.9280 and target price of 1.9020

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