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FxWirePro :GBP/AUD under pressure, could be on verge of a bigger drop

• GBP/AUD bear run extended towards  1.8990  on Tuesday   as traders  kept their attention on Britain's floundering economy.

• UK CPI and flash PMI data recently came in below forecast which has reduced odds for a 50bp BoE hike on Aug. 3 down from near 80% pre-CPI to the current 41%.

• At GMT 19:22, the pair was trading down 0.17 percent  at 1.8989 after reaching daily low at 1.8939.

•Technical signals show the pair could lose more ground in the short-term as RSI is at 48 bearish, daily momentum studies 5, 10 and 21 DMAs are trending  down.

• Immediate resistance is located at 1.9037 (5DMA), any close above will push the pair towards 1.9065(38.2%fib)

• Immediate support is seen at 1.8945(50%fib ) and break below could take the pair towards 1.8880 (Lower BB).

Recommendation: Good to sell  around 1.9000, with stop loss of 1.9100 and target price of 1.8920

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