FxWirePro: GBP/AUD outlook weaker on renewed downside pressure

• GBP/AUD declined on Friday as commodity linked Australian dollar was supported by gains in oil and copper.

•Copper prices soared on Friday after Senate Speaker Joe Biden passed an eight-year, $1.2 trillion bipartisan infrastructure agreement to help boost demand growth expectations.

• The pair hit daily low at 1.8265, it was last down 0.25% at GMT 15:54.

•The pair is approaching 1.8263 ( 50%fib),a daily close below which will accelerate downtrend towards 1.8200 level.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 49.

• Immediate resistance is located at 1.8346( 38.2%fib), any close above will push the pair towards 1.8459 ( 23.6%fib).

• Strong support is seen at 1.8263 ( 50%fib) and break below could take the pair towards 1.8194 ( Lower BB).

Recommendation: Good to sell around 1.8310, with stop loss of 1.8390 and target price of 1.8250.