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FxWirePro: GBP/AUD downtrend loses steam but outlook still bearish

• GBP/AUD recovered from initial declined on Friday as  traders remained reluctant   to push the  pair beyond recent ranges.

• The pair slid to hit daily low at 1.8356 after UK retail sales disappointed, but recovered to trade at 1.8419.

• GBP/AUD remains vulnerable, only a break and daily close above 1.8520(50%fib) will shift bias to the upside.

• Technical are bearish, daily RSI is negative at 37, daily momentum studies  5,10 and 14 DMAs are trending down. 

• Immediate resistance is located at 1.8438 (38.2%fib ), any close above will push the pair towards 1.8479(11DMA).

• Strong support is seen at 1.8363(Daily low) and break below could take the pair towards 1.8325 (23.6%fib).

Recommendation: Good to sell   around 1.8430, with stop loss of 1.8550 and target price of 1.8350
 

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