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GBP/AUD capped by the 50.0% Fibonacci, good to sell on rallies

• GBP/AUD ran into resistance on Thursday at 2.0063 after ticking up from 1.9739.

• The pair dipped after Trump announced suspension of Europeans travel to US stunned investors.

• Currently, the 2.0063 (50 % fib) barrier is restricting higher move, will likely be  a speed bump to bulls.

• Selling pressure will remain in the short-term, only a move above 2.0063 (50 % fib)  strong resistance  would indicate the weakness in pair has run out . 

• On the upside, Immediate resistance is located at 2.0063 (50 % fib), any close above will push the pair towards 1.20240(61.8% fib).

• On the downside, strong support is seen at 1.9802 (5 DMA) and break below could take the pair towards 1.9668 (23.6% fib).

Recommendation: Good to sell on rally around 2.0050, with stop loss of 2.0150 and target price of 1.9850.

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