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

• GBP/AUD declined on Friday as higher commodity prices and persistent bets on further RBA rate hikes may be lifted boosted Australian dollar.

• Pair traded in   1.8762 /1.8654 range and was last trading at 1.8648 in late US afternoon.

• GBP/AUD is now on course to register a   close below the 11.8622 (38.2%fib )level, chart points to bigger drop towards  1.8550. 

• Technical signals are bearish as RSI is at 43, daily momentum studies  5,9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.8687( 5DMA), any close above will push the pair towards 1.8844 (23.6%fib)

• Strong  support is seen at 1.8635 (38.2%fib ) and break below could take the pair towards 1.8540(Lower BB).

Recommendation: Good to sell  around 1.8650, with stop loss of 1.8760 and target price of 1.8590

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