FxWirePro:GBP/AUD extends drop, faces 38.2%fib support
• GBP/AUD declined on Friday as increased risk appetite supported Australian dollar.
• The is pair heading towards the 38.2%fib at 1.8093. Near term direction of the pair is likely to be driven by current price action.
• Technical are mixed, daily RSI is turning lower, daily momentum studies 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.8192 (23.6%fib ), any close above will push the pair towards 1.8234(13thMay high).
• Strong support is seen at 1.8091(38.2%fib) and break below could take the pair towards 1.8013 (50%fib).
Recommendation: Good to sell on around 1.8120, with stop loss of 1.8190 and target price of 1.8090