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FxWirePro: GBP/AUD fragile, risks collapse to a major fibo support

• GBP/AUD declined sharply on Tuesday as currency pair continued to face pressure from widespread risk aversion.

• Fears of US recession has been sparked by a surge in the unemployment rate last month and an ongoing stock market sell-off.

• The pair currently is approaching support at 50% fib. A break under  would unmask  1.9330 level in the short term.

• Technical signals are bearish as RSI has turned sharply lower, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.9583(38.2% fib), any close above will push the pair towards 1.9751(23.6% fib)

• Support is seen at 1.9448(50% fib)and break below could take the pair towards 1.9324 (61.8% fib).

  Recommendation: Good to sell   around 1.9480 with stop loss of  1.9550  and target price of 1.9400
 

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