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FxWirePro: GBP/AUD dips below lower range, bearish bias increases

•GBP/AUD dipped on Thursday as rise in commodity prices boosted the commodity-price sensitive Australian dollar.

• Australian dollar rallied as equity, copper gains   helped buoy Antipodean currency.

• GBP/AUD dipped towards  at 1.6946. A break and daily close above 11.6903 (23.6%fib)  will accelerate further downwards.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 42  bearish, daily momentum studies  5, 9 and 11 DMAs are trending  down. 

• Immediate resistance is located at 1.7020 (14DMA), any close above will push the pair towards 1.7122 (38.2%fib).

• Strong support is seen at 1.6903 (23.6%fib) and break below could take the pair towards 1.6849 (Lower BB ).

Recommendation: Good to sell  around 1.6950, with stop loss of 1.7080 and target price of 1.6880

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