• GBP/AUD declined on Thursday as sterling was weighed down by fears that the UK-EU trade negotiations may fall apart.
• GBP/AUD remains under considerable pressure with the cross pair now below key support levels.
• At GMT 19:43, the pair was trading down 1.30 percent at 1.7680, its weakest since July 30th 2019.
• Technical signals show bearish momentum , the 5 ,9 and 11 DMAs trend south, while RSI is negitive at 25.
• On the upside, immediate resistance is located at 1.7663 (23.6% fib ), any close above will push the pair towards 1.7819 (38.2%fib).
• On the downside, immediate support is seen at 1.7573 (Daily low ) and break below could take the pair towards 1.7500 (Psychological level ).
Recommendation: Good to sell around 1.7650, with stop loss of 1.7800 and target price of 1.7540.
