FxWirePro:GBP/AUD fall below 1.7700 level, more downside expected

• GBP/AUD dipped on Monday  as worries about rising inflation and a potential recession UK weighed on sterling .

• British pound is  likely to remain under pressure   owing to inflation-growth angst in UK.

• The pairs fall below  1.7700  level has increased the growing bearish strength, putting focus on support at 38.2% fib.

• Technicals are favouring bearish sentiment as RSI is at 37 and the pair is trading below   5,10 & 11-DMAs. 

• Immediate resistance is located at 1.7776 (5DMA), any close above will push the pair towards 1.7689 (50% fib).

• Strong support is seen at 1.7656 (38.2% fib)and break below could take the pair towards 1.7609 (Lower BB).

Recommendation: Good to sell  around 1.7690, with stop loss of 1.7750 and target price of  1.7600