FxWirePro: GBP/AUD attracts selling interest, vulnerable to more downside

• GBP/AUD declined on Wednesday as the pair attracted sellers ahead Thursday’s US CPI data.

•Investors are waiting to see whether Thursday's U.S. Consumer Price Index data will spur the Federal Reserve to continue to increase interest rates.

• Scope is growing for an eventual break under the  50% fib level, an eventual break below 50% fib will accelerate further down.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 47 .

•  Immediate resistance is located at 1.7831( 9DMA), any close above will push the pair towards 1.7873 ( 38.2 % fib).

• Strong support is seen at 1.7612( (50% fib ) and break below could take the pair towards 1.7486 (Nov 4th low).

Recommendation: Good to sell around 1.7650, with stop loss of 1.7850 and target price of 1.7480.