FxWirePro: GBP/AUD neutral in the near-term, scope for downward resumption

• GBP/AUD declined on Wednesday as Brexit uncertainty, the prospect of negative interest rates and coronavirus death toll still weighed on   British pound.

• Brexit remains major  risk for the pound  as talks on a future trade deal with the European Union after the UK’s exit fail to make progress.

• At GMT 15:23, the pair was trading down 0.31 percent   at $1.8225.

• Bulls will need a clear 1.8644 (50% fib) to take greater control, failure to break higher could lead to further downside.

• On the upside, Immediate resistance is located at 1.8301 (11 DMA ), any close above will push the pair towards 1.8440 (38.2% fib).

• On the downside, strong support is seen at 1.8189 (23.6% fib) and break below could take the pair towards 1.7983 (Lower BB).

Recommendation: Good to sell  around 1.8250, with stop loss of 1.8450 and target price of 1.8100.