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FxWirePro: GBPAUD bulls back away from 1.7630 as focus shifts to BoE meeting

• GBP/AUD initially gained on Tuesday  but gave up ground as sterling attracted sellers ahead of the Bank of England's expected 10th consecutive interest rate hike.

• The Bank of England (BoE) is expected to raise its interest rates by half a percentage point to 4% on Thursday in a week packed with central bank decisions

• At GMT 17:36, the pair was trading 0.01% lower at 1.7486, after hitting daily high at 1.7633

• Technical signals are bearish as RSI is at 40, daily momentum studies  5,9,21 DMA are trending south. 

• Immediate resistance is located at 1.7557(38.2%fib), any close above will push the pair towards 1.7633 (Daily high).

• Strong support is seen at 1.7414(23.6%fib) and break below could take the pair towards 1.7343 (Lower BB).

Recommendation: Good to sell around 1.7490 with stop loss of 1.7600  and target price of 1.7400
 

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