FxWirePro: GBP/AUD finds major support at 0.7980, good to stay short on break below

GBP/AUD chart on Trading View used for analysis 

• GBP/AUD trades 0.57% lower on the day at 1.8011 at 1230 GMT.
   
• Price action has slipped below 21-EMA support and is on track for further weakness.
   
• Technical indicators support weakness in the pair. RSI is below 50, bias lower, momentum studies bearish.
   
• The pair finds strong support at 0.7980 (converged channel base and 100-DMA).
   
• Breach at 0.7980 support will accentuate weakness. Scope for test of 61.8% Fib at 1.7710.

Support levels - at 0.7980 (converged channel base and 100-DMA), 1.7882 (200-DMA), 1.7865 (50% Fib), 1.7710 (61.8% Fib)

Resistance levels - 1.81 (21-EMA), 1.8150 (5-DMA), 1.8212 (23.6% Fib)

Recommendation: Stay short on break below 0.7980, SL: 1.81, TP: 1.7880/ 1.78/ 1.7710

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.