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FxWirePro:GBP/AUD attracts selling interest, vulnerable to more downside

•GBP/AUD declined on Friday  as dovish steer from Bank of England governor Andrew Bailey has sent sterling sharply lower versus Australian dollar.

• The is pair heading towards the 50%fib, as near term direction of the pair is likely to be driven by current price action.  

•Technical signals are bearish as RSI is heading down , daily momentum studies  5, 9 and 10DMAs are trending down. 

•Immediate resistance is located at 1.8446 (38.2%fib ), any close above will push the pair towards 1.8449(Higher BB).

•Strong support is seen at 1.8369 (50%fib) and break below could take the pair towards 1.8335 (30DMA).

Recommendation: Good to sell on  around 1.8400, with stop loss of 1.8480and target price of 1.9320
 

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