FxWirePro: GBP/AUD extends its drop, potential for further bearish continuation

• GBP/AUD declined on Thursday as    higher commodities prices and increased risk sentiment boosted Australian dollar.

• Iron ore futures surged   to their highest level in over a week, as expectations of improved seasonal demand in China outweighed concerns about the economic recovery.

• Copper prices jumped to their highest level in nearly two weeks   on signs of firmer demand in top metals consumer China.  

• A close below  50% fib, will likely trigger a new bearish phase with potential for 1.9400 level.

• Immediate resistance is located at 1.9628(38.2% fib), any close above will push the pair towards 1.9681(Sep 11th high).

• Strong support is seen at 1.9498 (50% fib) and break below could take the pair towards 1.9361 (61.8% fib).

Recommendation: Good to sell on  around 1.9530, with stop loss of 1.9590 and target price of 1.9440