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FxWirePro:GBP/AUD unlikely to invite any further GBP strength, good to sell on rally

• GBP/AUD declined on Friday as cautiously dovish outlook from the Bank of England and downbeat retail sales data weighed on pound.

• Retail sales volumes unexpectedly fell by 0.3% in February from January. Economists polled   had on average forecast  of  0.6% monthly rise.

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

• Technical are bearish, daily RSI is negative at 25, daily momentum studies  9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.7611 (23.6%fib ), any close above will push the pair towards 1.7764 (38.2%fib).

• Strong support is seen at 1.7521 (Daily low ), and break below could take the pair towards 1.7424(Lower BB).

Recommendation: Good to sell on  around 1.7540, with stop loss of 1.7660 and target price of 1.7490

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