FxWirePro: GBP/AUD extends drop, faces 23.6%fib support

• GBP/AUD extended declined on Wednesday    after the Federal Reserve kept rates steady, as widely expected.

• The Fed kept interest rates unchanged, citing still-elevated inflation and solid economic growth, while offering little guidance on when borrowing costs might be lowered again.

• Fed Chair Jerome Powell said after the policy statement that the central bank is not considering a rate hike in the near term.

• Technical are bearish, daily RSI is turning negative  at 26 , daily momentum studies  9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.9788(50%fib ), any close above will push the pair towards 1.9934 (SMA 20).

• Strong support is seen at 1.9585 (23.6%fib ), and break below could take the pair towards 1.9533 (Lower BB).

Recommendation: Good to sell on  around 1.9600 with stop loss of 1.9750 and target price of 1.9450