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FxWirePro:GBP/AUD neutral in the near-term, scope for downward resumption

• GBP/AUD initially gained  on Tuesday   but gave up ground  as Ukraine tensions alongside looming Fed and BoE rate decisions kept the pair vulnerable.

• Traders positioned themselves for hefty 75 basis points interest rate hike from the U.S. central bank's Federal Open Market Committee meeting on Wednesday.  

• Technical signals are bearish as RSI is heading down at 45   , daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.7018(9DMA ), any close above will push the pair towards 1.7113 (38.2%fib).

• Strong support is seen at 1.6912 (23.6%fib) and break below could take the pair towards 1.6890 (Lower BB).

Recommendation: Good to sell on  around 1.7020, with stop loss of 1.7220 and target price of 1.6870

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