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FxWirePro: GBP/AUD drops to threaten 1.8000 after UK May GDP misses expectations

• GBP/AUD declined on Tuesday as sterling was weighed down after data showed UK May GDP missed estimate.

• Gross domestic product rose by 1.8% in May after falling by a record 20.8% in April.

• The is pair is heading towards the (23.6% fib ), as the UK news turns more negative. Only a break and daily close above 50% fib at 1.8267 will shift bias to the upside.

•   Technical signals are bearish as RSI is at 40, daily momentum studies  5, 9 and 10 DMAs are trending down.

• On the upside, immediate resistance is located at 1.8032 (11 DMA ), any close above will push the pair towards 1.8103 (38.2% fib).

• On the downside, immediate support is seen at 1.7906 (23.6% fib ) and break below could take the pair towards 1.7843 (Lower BB).

Recommendation: Good to sell   around 1.8010, with stop loss of 1.8110 and target price of 1.7900.

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