FxWirePro:GBP/AUD dips below lower range, bearish bias increases

• GBP/AUD declined on Tuesday as  better risk sentiment and higher commodity prices boosted Australian dollar.

•Focus has turned to UK inflation data and British finance minister Rishi Sunak's Spring Statement, both scheduled on Wednesday.

•The pair extended its drop to hit 1.7739, daily low, it was last down 0.03% on the day.

• Technical signals show the pair could lose more ground as RSI is at 30 bearish, and 9, 11,21 DMA’s are trending south. 

• Immediate resistance is located at 1.7829 (38.2%fib ), any close above will push the pair towards 1.8024 (50%fib).

• Immediate support is seen at 1.7738(23.6%fib ), break below could take the pair towards 1.7700 (Psychological  level).

Recommendation: Good to sell around 1.7760  with stop loss of 1.7880  and target price of 1.7680