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GBP/AUD chart on Trading View used for analysis
- GBP/AUD is extedning downside for the 6th straight week, slips below 200-DMA, we see scope for further downside.
- The pair has opened with a bearish gap, and recovery attempts were capped below 200-DMA.
- Brexit woes continue to plague the British pound. GBP/AUD primed for a continuation of last week's declines.
- Momentum studies are bearish, Stochs and RSI sharply lower, MACD supports downside.
- Next major bear target lies at 61.8% Fib at 1.7835. Violation there could see further weakness.
- On the flipside, retrace and close above 200-DMA could see some bounce back.
Support levels - 1.7835 (61.8% Fib), 1.7789 (Lower BB), 1.7592 (78.6% Fib)
Resistance levels - 1.7943 (200-DMA), 1.7986 (5-DMA), 1.80 (50% Fib)
Recommendation: Good to go short on upticks, SL: 1.7950, TP: 1.7835/ 1.78/ 1.7790
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
