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FxWirePro:GBP/AUD rebounds but bears are not done yet

• GBP/AUD recovered some ground on Wednesday after UK manufacturing survey data pointed to a small increase in output.

• The Purchasing Managers Index survey for June came in at 50.1, in line with the forecast   and up from 40.7 in May.

• Bullish momentum is increasing but 14-day moving average points negative momentum.

• GBP/AUD remains vulnerable, only a close back above  1.8237 (30 DMA), could upset the bearish order.

• Immediate resistance is located at 1.8048 (23.6% fib ), any close above will push the pair towards 1.8079 (14 DMA).

• Strong support is seen at 1.7906 (Daily low) and break below could take the pair towards 1.7833 (Lower BB).

Recommendation: Good to sell   around 1.8000, with stop loss of 1.8100 and target price of 1.7900
 

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