FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(GBPJPY and AUDUSD) for the day
FxWirePro: GBP/AUD slide lower shifts pressure to the downside
• GBP/AUD declined on Tuesday as Britain's bleak economic and political outlook weighed on sterling.
• The pair hit daily low at 1.7591, it was last down 0.58% at 1.7616 at GMT 18:16.
•The pair is approaching 50DMA support at 1.7600, a daily close below will accelerate downtrend towards 1.7560 .
• Technical highlight further downside risks as a daily bearish candle has formed and the daily RSI has turned down sharply.
• Immediate resistance is located at 1.7643 (9 DMA), any close above will push the pair towards 1.7710 ( 38.2 % fib).
• Strong support is seen at 1.7600 (50DMA ) and break below could take the pair towards 1.7567 (50 %fib).
Recommendation: Good to sell around 1.7630, with stop loss of 1.7750 and target price of 1.7560.