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FxWirePro :GBP/AUD dips below lower range, bearish bias increases

• GBP/AUD declined on Friday as higher commodity prices and help from US data   boosted Australian dollar.

GBP/ AUD  drops swiftly from 1.7645 (Daily high)to 1.7549(38.2% fib). Break lower risks run towards 1.7460 level.

• Technical signals show the pair could lose more ground in the short-term as RSI is lower at 35 lower, daily momentum studies 9, 11 and 21 DMAs are trending  down. 

• Immediate resistance is located at 1.7648(Daily high),any close above will push the pair towards 1.7718(50% fib).

• Immediate support is seen at 1.7549(38.2% fib) and break below could take the pair towards 1.7480(Nov 14th low ).

Recommendation: Good to sell below 1.7600, with stop loss of 1.7680and target price of 1.7570
 

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