FxWirePro: GBP/AUD Trade Idea

GBP/AUD chart on Trading View used for analysis 

FxWirePro Currency Strength Index for GBPAUD: Bias Bearish
FxWirePro's Hourly GBP Spot Index was at -91.8218 (Bearish)
FxWirePro's Hourly AUD Spot Index was at 102.862 (Bullish)

Technical Analysis: Bias Bearish
- Fails to hold break above 20-DMA
- Slips below 5-DMA and 5-DMA has turned
- Recovery finds stiff resistance at 55W-EMA 
- The pair has formed gravestone doji on monthly charts

Fundamental Factors:
- News that German Merkel rejected UK's May attempt to renegotiate the Brexit deal and renewed speculation that MPs have sent 48 letters for a non-confidence vote weighs on the Sterling.

Support levels - 1.7255 (Lower BB), 1.72, 1.7085 (Trendline)
Resistance levels - 1.7498 (5-DMA), 1.7542 (20-DMA), 1.7743 (Dec 6 high)

Recommendation: Stay short on rallies around 1.7360/75, SL: 1.7545, TP: 1.7255/ 1.72/ 1.7085

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.