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FxWirePro: GBP/AUD slips below 21DMA, bears set to regain control

• GBP/ AUD declined y on Monday as Australian dollar got some of Its strength back as iron ore gained

• Risk sensitive Australian dollar also  climbed   as China equity gains buoyed risk-sensitive Australian dollar.

• The pair currently is approaching resistance at 1.7397  (38.2%fib). A break below 1.7397  will unmask 1.7300 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 45,while moving averages and MACD are trending lower.

• Immediate resistance is located at 1.7427(21DMA), any close above will push the pair towards 1.7493 (50%fib).

• Immediate support is seen at 1.7397  (38.2%fib) and break below could take the pair towards 1.7303(Lower BB).

Recommendation: Good to sell around 1.7430, with stop loss of 1.7500 and target price of 1.7350

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