FxWirePro: GBP/AUD key support held, downside risk remains

• GBP/AUD traded flat on Wednesday   as conflicting signals kept investors side-lined ahead of key Fed summit.

• Pair failed to break   1.8884 ( 50%fib) support level and is holds in 1.8884 /1.8920 range.

• Downside bias remains intact, sustained 1.8884 ( 50%fib) break would open the door to 1.8800 level.

• Technically 5 day and 11-day momentum remains negative and RSI is trending lower.

• Immediate resistance is located at 1.8939 ( 9DMA), any close above will push the pair towards 1.8979 (38.2%fib).

• Strong support is seen at 1.8884 ( 50%fib) and break below could take the pair towards 1.8798 (61.8%fib).

Recommendation: Good to sell on rallies around 1.8890, with stop loss of 1.9000 and target price of 1.8800.