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FxWirePro:GBP/AUD set for bigger drop, but close below key fibo needed

• GBP/AUD declined on Tuesday as upbeat risk sentiment  and gains in commodity market boosted Australian dollar against pound.

• The is pair heading towards the lower 50%fib, as near term direction of the pair is likely to be driven by current price action.  

• Technical are bearish, daily RSI is trending down, daily momentum studies  5 and 9 DMAs are trending down. 

• Immediate resistance is located at 1.8952 (9DMA ), any close above will push the pair towards 1.8979 (38.2%fib).

• Strong support is seen at 1.8887 (50%fib ), and break below could take the pair towards 1.8093 (61.8%fib).

Recommendation: Good to sell on  around 1.8920, with stop loss of 1.8990 and target price of 1.8860

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