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


• GBP/AUD declined on Monday  as mounting concern about UK’s economic outlook weighed on pound.

• The is pair heading towards the  23.6% fib support, as near term direction of the pair is likely to be driven by current price action.  

• Technical are bearish, daily RSI is negative at 36, daily momentum studies  9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.7070 (38.2% fib), any close above will push the pair towards 1.7111 (14DMA).

• Strong support is seen at 1.6918 (23.6% fib) and break below could take the pair towards 16867 (Lower BB).

Recommendation: Good to sell on  around 1.6980, with stop loss of 1.7100 and target price of 1.6900

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