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FxWirePro :GBP/AUD pressured by techs and UK political uncertainty

• GBP/AUD declined on Tuesday as sterling was knocked  down  by a fresh UK government crisis.

•British Health Secretary and UK finance minister  resigned on Tuesday, plunging Prime Minister Boris Johnson's government into crisis.

•The pair  extended its drop to hit 1.7557, a two week low, it was last trading at 1.7595.

•Technical signals show the pair could lose more ground in the short-term as RSI is has turned lower, daily momentum studies 9, 10 and 11 DMAs are trending down.

• Immediate resistance is located at 1.7630 (5DMA ), any close above will push the pair towards 1.7803 (38.2%fib).

• Immediate support is seen at 1.7501 (23.6%fib ), break below could take the pair towards 1.7414 (Lower BB).

Recommendation: Good to sell around 1.7600   with stop loss of 1.7700   and target price of 1.7500   .

 

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