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FxWirePro:GBP/AUD capped by 38.2%fib resistance, good to sell on rally

• GBP/AUD initially gained on Thursday but rally faded as Fed-BoE rate divergence and war in Ukraine weighed on pound.

• GBP/AUD rally   stalled below 38.2%fib  resistance .Failures to close  above 38.2%fib  has added to bearish structure.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 30,while moving averages and MACD are trending lower .

• Immediate resistance is located at 1.7588 ( 38.2%fib), any close above will push the pair towards 1.7768(14DMA).

• Immediate support is seen at 1.7414(38.2%fib) and break below could take the pair towards 1.7313 (23.6%fib).

Recommendation: Good to buy around 1.7550, with stop loss of 1.7650 and target price of 1.7470

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