FxWirePro: GBP/AUD heads deeper into bear territory, 23.6% fibonacci eyed

• GBP/AUD declined on Friday  recession fears and political uncertainty in UK weighed on the pair.

•The pair failed to breach a key 23.6% fib retracement   at 1.7444 as the pair was severely oversold.

• Selling pressure will remain in the short-term, only a move above 1.7655 ( 61.8 % fib) strong will shift bias higher.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 42.

• Immediate resistance is located at 1.7564( 5DMA), any close above will push the pair towards 1.7615 ( 21DMA).

• Strong support is seen at 1.7444 (23.6% fib ) and break below could take the pair towards 1.7313 (16th June low).

Recommendation: Good to sell around 1.7460, with stop loss of 1.7560 and target price of 1.7380