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FxWirePro:GBP/AUD extends drop, faces 38.2%fib support

• GBP/AUD declined on Friday as increased  risk appetite supported Australian dollar.

• The is pair heading towards the 38.2%fib at 1.8093. Near term direction of the pair is likely to be driven by current price action.  

• Technical are mixed, daily RSI is turning lower, daily momentum studies  9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.8192 (23.6%fib ), any close above will push the pair towards 1.8234(13thMay high).

• Strong support is seen at 1.8091(38.2%fib) and break below could take the pair towards 1.8013 (50%fib).

Recommendation: Good to sell on  around 1.8120, with stop loss of 1.8190 and target price of 1.8090
 

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