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FxWirePro:GBP/AUD drops below 1.9000 as RBA skips on a rate rise

• GBP/AUD declined on Tuesday as Australian dollar strengthened  after The Reserve Bank of Australia (RBA) skips on a rate rise.

• The Reserve Bank of Australia (RBA) retained hawkish bias saying  some further tightening of monetary policy may be required.

• GBP/NZD  drops slightly from 1.9087 hit daily low at 1.8997. Break lower  at 1.8979(5DMA)  risks run towards  1.8850 level.

• Technical signals show the pair could lose more ground in the short-term as RSI is turning sharply lower, daily momentum studies 9, 11 and 21 DMAs are trending  down. 

• Immediate resistance is located at 1.9114(38.2%fib),any close above will push the pair towards 1.9124(Higher BB ).

• Immediate support is seen at 1.8979(5DMA) and break below could take the pair towards 1.8844(50%fib).


Recommendation: Good to sell below 1.9030, with stop loss of 1.9100 and target price of 1.8940
 

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