FxWirePro: GBP/AUD outlook weaker on renewed downside pressure
• GBP/AUD dipped on Thursday, as coronavirus-driven panic and British PM Johnson’s health condition fuelled a drop.
• At GMT 12:47, the pair was trading 0.23% lower at 1.9856, slightly lower from session high of 1.9979.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 46.46 bearish, daily momentum studies 5, 9 and 21 DMAs have started to trend south.
• On the upside, Immediate resistance is located at 1.9988 ( 50% fib), any close above will push the pair towards 2.0143 (61.8% fib).
• On the downside, strong support is seen at 1.9793 (38.2% fib) and break below could take the pair towards 1.9661 (23.6% fib).
Recommendation: Good to sell around 1.9900, with stop loss of 2.0143 and target price of 1.9700.