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FxWirePro:GBP/AUD drops below 1.7600 level, heads deeper into bear territory

• GBP/AUD dipped on Monday as Fed slowdown bets encouraged  investors to seek out riskier assets.

•At GMT 17:32, the pair was trading down 0.05 percent   at  1.7571.

• GBP/AUD drops below the 5DMA, slide halts at the 1.7515 (38.2% fib),break below will accelerate towards  1.7400 level.

• Technicals are favouring bearish sentiment as RSI is at 36 and the pair is trading below   5,10 & 11-DMAs.

• Immediate resistance is located at 1.7649 (5DMA), any close above will push the pair towards 1.7909(14DMA)

• Strong support is seen at 1.7515 (38.2% fib)and break below could take the pair towards 1.7412 (Lower BB).

Recommendation: Good to sell  around 1.7580, with stop loss of 1.7720 and target price of  1.7500

 

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