FxWirePro: GBP/AUD trade idea

• GBP/AUD rejected at 100-DMA, intraday bias bearish.
   
• Price action dips below daily cloud and is currently holding 20-DMA support at 1.6182.
   
• Technical studies are bearish, RSI is biased lower and Stochs have rolled over from overbought levels.
   
• We expect GBP to remain under pressure as Article 50 is triggered and uncertainty will weigh on the pound.
   
• Break below 20-DMA will see drag upto trendline support at 1.59.
   
• On the flipside, bearish invalidation only above 100-DMA at 1.6533.

Support levels - 1.6183 (20-DMA), 1.60 (Jan 16 low), 1.59 (trendline)

Resistance levels - 1.63, 1.6357 (5-DMA), 1.6485 (Feb 9 high), 1.6533 (100-DMA)

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral                Neutral       
4H          Bearish               Neutral       
1D          Bearish               Neutral        
1W         Neutral                Neutral      

Recommendation: Good to go short on rallies around 1.6275/1.63, SL: 1.6360, TP: 1.6180/ 1.61/ 1.60

FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at -32.8317(Neutral), while Hourly AUD Spot Index was at 84.6462 (Bullish) at 0940 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.