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FxWirePro: GBP/AUD key support held early, but negative factors build

• GBP/AUD eased on Monday   as  Australian dollar gained traction against pound as antipodean currency was supported by higher iron ore prices .

• Iron ore futures surged to near two-week highs on Monday, fueled by optimism for measures to support the weak steel industry in top consumer market China .

• Technical lean bearish, RSI is turning sharply lower at 37, momentum studies, 5, 10 DMAs falling southwards.  

• Immediate resistance is located at 1.9229( Daily high), any close above will push the pair towards 1.9273 (38.%fib).

• Support is seen at 1.9145(50%fib) and break below could take the pair towards 1.9000 (Psychological level).

Recommendation: Good to sell   around 1.9180, with stop loss of 1.9250 and target price of 1.9120
 

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