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FxWirePro: GBP/AUD repeatedly capped 5DMA,bears set to regain control

• GBP/AUD eased  from 1.9645 level on Tuesday  as higher commodity prices boosted Australian dollar.

 • The pair pulled back after failing to break  resistance at 1.9601(5DMA) , it was last trading  down 0.30 percent at 1.9524.

• Technical signals are bearish as RSI at 49, daily momentum studies  5, 9 and 11 DMA’s are trending down.

• Immediate resistance is located at 1.9601(5DMA), any close above will push the pair towards 1.9645( 5DMA).

• Immediate support is seen at 1.9516(50% fib) and break below could take the pair towards 1.9436(61.8% fib).

 Recommendation: Good to sell  around 1.9530, with stop loss of 1.9650 and target price of 1.9450

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