FxWirePro:GBP/AUD reverses course as bullish mood sours after strong Aus building approvals data
• GBP/AUD declined on Wednesday as stronger than expected Australian building approvals data gave support to Australian dollar.
• Australian March building approvals rose +17.4% versus +3.0% forecast.
•The pair extended its drop to hit 1.7943, daily low, it was last down 0.22% on the day.
• The pair is approaching to testing 1.7935 (38.2%fib ). A break under 1.7935 would unmask 1.7800 level in the short term.
• Immediate resistance is located at 1.8041 (50%fib ), any close above will push the pair towards 1.8061 (Higher BB).
• Immediate support is seen at 1.7935 (38.2%fib ), break below could take the pair towards 1.7862 (100DMA).
Recommendation: Good to sell around 1.7970 with stop loss of 1.8060 and target price of 1.7880