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FxWirePro: GBP/AUD under pressure, knocking on door of key support

• GBP/AUD  declined on Monday  as commodity linked Australian dollar gained  ahead Of RBA rate decision .

•Australia's central bank is likely to keep its key interest rate unchanged at 3.85% on Tuesday despite inflation well above the target range.

• A close below   support at 1.8744(38.2%fib)will give further momentum to bears, opening the way for a run towards 1.8700 level.

•Technicals are favouring bearish sentiment as RSI is falling and the pair is trading below   5,9 & 21-DMAs.

• Immediate resistance is located at 1.8873 (14DMA), any close above will push the pair towards 1.8955 (38.2%fib).

• Immediate support is seen at 1.8744(38.2%fib) and break below could take the pair towards 1.8656 (May 23rd low).

Recommendation: Good to sell round 1.8790, with stop loss of 1.8900 and target price of 1.8650
 

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