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FxWirePro:GBP/AUD downside pressure builds, key support level in focus

• GBP/AUD declined  on Wednesday  as sterling attracted sellers  ahead of  BoE meeting .

• Markets expect a 50bp hike Thursday and traders will pay keen attention to the nature to the vote count.

• A close below 1.7318(38.2%fib), would add to pair’s bearish structure, opening the way towards 1.7250 level.

• Technical signals are bearish as RSI is heading down at 35  , daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.7417 (5DMA ), any close above will push the pair towards 1.7450(38.2%fib).

• Strong support is seen at 1.7318(38.2%fib) and break below could take the pair towards 1.7281 (Lower BB).

Recommendation: Good to sell   around 1.7350 with stop loss of 1.7440  and target price of 1.7250

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