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FxWirePro: GBP/AUD neutral in the near-term, scope for downward resumption

• GBP/AUD eased  on Monday as Australian dollar strengthen as market  moved to lengthen the odds of a further rise by RBA.

• Investors are eagerly anticipating the release of Australian Retail Sales data alongside a speech from Reserve Bank of Australia (RBA) Governor Michele Bullock on Tuesday.

• GBP/ AUD remains well below 11DMA,daily  close below 23.6%fib increase the scope for much bigger drop.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 48.

• Immediate resistance is located at 1.9133( 11DMA), any close above will push the pair towards 1.9189(38.2%fib).

• Strong support is seen at 1.9051 (23.6%fib) and break below could take the pair towards 1.9000 ( Psychological level).

Recommendation: Good to sell around 1.9120, with stop loss of 1.9250 and target price of 1.9020

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