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FxWirePro: GBP/AUD drifts lower,could be on verge of a bigger drop

• GBP/AUD declined on Wednesday as commodity linked Australian dollar was supported   by gains key commodities prices and news of A$20 billion bid for Australia's Ramsay.

•The pair is approaching 21DMA support,a daily close below which will accelerate towards 1.7300 level.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 41.

• Immediate resistance is located at 1.7636( 38.2%fib), any close above will push the pair towards 1.7782 ( Higher BB).

• Strong support is seen at 1.7507 ( 21DMA) and break below could take the pair towards 1.7305 ( 23.6%fib).

Recommendation: Good to sell around 1.7520, with stop loss of 1.7630 and target price of 1.7450.

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