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FxWirePro: GBP/AUD drops below 1.7800 level, heads deeper into bear territory

• GBP/AUD declined on Monday as antipodean currency gained as continued progress on curbing the COVID-19 virus boosted risk sentiment.

• Australia on Monday began its mass COVID-19 vaccine programme as the country looked set to report no local cases for the third straight day, which gave the Aussie a boost

• GBP/AUD remains vulnerable, only a break and daily close above 1.7953 (50% fib) will shift bias to the upside.

• Technical are bearish, daily RSI is negative at 46, daily momentum studies  11and 14 DMAs are trending down. 

• Immediate resistance is located at 1.7813 (38.2%fib ), any close above will push the pair towards 1.7863 (9DMA).

• Strong support is seen at 1.7708 (Lower BB) and break below could take the pair towards 1.7636 (Lower BB).

Recommendation: Good to sell   around 1.7780, with stop loss of 1.7900and target price of 1.7600

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