FxWirePro: GBP/AUD heads deeper into bear territory, 38.2% fibonacci eyed

• GBP/AUD declined on Tuesday as traders awaited news on British Prime Minister Boris Johnson’s health condition as he battles COVID-19 symptoms.

•The pair failed to breach a key 38.2% fib retracement   at 1.9843 as the pair was severely oversold.

• Selling pressure will remain in the short-term, only a move above 2.0140 ( 61.8 % fib) strong resistance  would indicate the weakness in the pair has run out.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 47.85.

• On the upside, Immediate resistance is located at 1.9991( 50%fib), any close above will push the pair towards 2.0140 ( 61.8 % fib).

• On the downside, strong support is seen at 1.9843 (38.2% fib ) and break below could take the pair towards 1.9659 (23.6% fib).

Recommendation: Good to sell around 1.20000, with stop loss of 2.0140 and target price of 1.9600.