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FxWirePro:GBP/AUD downtrend extends ,eyes support at 23.6% fib

• GBP/AUD declined  on Friday as UK's brewing economic storm continued to weigh on the pound.

• A surprise uptick in July UK retail sales failed to lift sterling, as soaring British inflation and recession risks continue to dominate traders’ minds.

• The pair picked up  downside momentum and is approaching  23.6%fib support. A close below will opens up 1.7100 level in the short term.

•  Technical are bearish, daily RSI is negative at 44, daily momentum studies  11and 14 DMAs are trending down. 

• Immediate resistance is located at 1.7294 (14DMA ), any close above will push the pair towards 1.7362 (38.2%fib).

• Strong support is seen at 1.7149 (23.6%fib) and break below could take the pair towards 1.7058 (Lower BB).

Recommendation: Good to sell   around 1.7200, with stop loss of 1.7300 and target price of 1.7100
 

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