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FxWirePro: GBP/AUD heads deeper into bear territory, bears plotting path towards 1.8300

• GBP/AUD declined on Wednesday as better risk sentiment in the market supported Australian dollar broadly.

•The Aussie also gained on buoyant Asian equity markets which rose on rising optimism about the global economy and corporate earnings.

•At GMT 17:35, the pair was trading 0.26% lower at 1.8398. The cross pairs bearish bias is set to strengthen, likely to drop towards 1.8300

•Technical signals are bearish  as RSI is at 31, daily momentum studies  5,9,11 DMA’s, are trending down. 

•Immediate resistance is located at 1.8423 (23.6%fib ), any close above will push the pair towards 1.8480(9DMA).

•Strong support is seen at 1.8363 (Daily low) and break below could take the pair towards 1.8292(Lower BB).

Recommendation: Good to sell around 1.8400 with stop loss of 1.8500 and target price of 1.8300.
 

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