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FxWirePro:GBP/AUD rally capped by 38.2%fib resistance, good to sell on rally

• GBP/ AUD edged higher  on Monday but gains were limited as investors awaited the outcome of this week's Fed, ECB and BoE meetings and a trove of important economic data.

• BoE is likely to  deliver a 50bp hike this week, with UK recession fears keeping alive the possibility more dovish central bank policy that could weigh on cable.

 • Pair gained up to  1.7505, price is  contained between two fibo retrace levels, 1.7566 and 1.7382

• Technical signals show the pair could gain lose ground in the short-term as RSI is trending down at 45,while moving averages are aslo trending lower.

• Immediate resistance is located at 1.7525( Daily high), any close above will push the pair towards 1.7566 (38.2%fib).

• Immediate support is seen at 1.7382 (23.6%fib) and break below could take the pair towards 1.7292(Lower BB).

Recommendation: Good to sell around 1.7510, with stop loss of 1.7580 and target price of 1.7450

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