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FxWirePro : GBP/AUD set for bigger drop, but close below key fibo needed

• GBP/AUD dipped on Tuesday  as  hawkish comments from RBA chief Bullock boosted Australian dollar.

• RBA Governor Bullock repeated commitment to bring down inflation and she added, it was trying to do that without pushing unemployment up too far.

• The pair is approaching to test  23.6%fib support. A break under    would unmask   1.8900  level in the short term

• Technicals are favouring bearish sentiment as RSI is at 46 and the pair is trading below   5,10 & 11-DMAs.

• Immediate resistance is located at 1.9113 (9DMA), any close above will push the pair towards 1.9177(38.2%fib)

• Strong support is seen at 1.9030 (23.6% fib)and break below could take the pair towards 1.8911 (Nov 3rd low).

Recommendation: Good to sell  around 1.9100, with stop loss of 1.9180 and target price of  1.9000

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