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    Technical Analysis – GBPAUD looking bearish after death-cross

    GBPAUD is looking increasingly bearish after the 50-day moving average crossed below the 200-day moving average in the past week. The near term bias is to the downside as RSI remains below 50.

    The medium term outlook is also bearish as prices remain below the Ichimoku cloud and the moving averages. The pair is likely to stay in bearish mode unless it can cross back above the 50-day moving average. This could give it further upside momentum to target the 2.09 level – a previous resistance level that lies inside the cloud.

    If prices continue to head lower, the December 2015 low of 2.0169 will be a critical support level to watch out for. Breaching this level would put the pair back on the downtrend that started in September 2015.

    Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.


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