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FxWirePro: GBP/AUD reverses recent rally, bias back to downside

 • GBP/AUD dipped on Friday  as gains in equity , iron-ore lifted Australian dollar

• Dalian iron ore futures edged higher on Friday after a record 10-session slide.

• At GMT 15:55, the pair was trading down 0.57 percent   at 1.7667.

• Technicals  lean bearish as RSI is  falling,  38.2% fib resistance has  limited gains

• Immediate resistance is located at 1.7758 (Higher BB ), any close above will push the pair towards 1.7574  (38.2%fib).

• Strong support is seen at 1.7662 (50%fib) and break below could take the pair towards 1.7569(11DMA).

Recommendation: Good to sell around 1.7670 with stop loss of 1.7750 and target price of 1.7600.
 

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