FxWirePro: GBP/AUD hits 2-week lows at 1.7465, bias lower, stay short

• GBP/AUD extends weakness for 6th consecutive session, bias lower.
   
• Downside gains traction after break below 20-DMA at 1.7618, we see further weakness on cards.
   
• The pair has brushed aside upbeat U.K. retail sales data and has shown muted reaction to BoE.
   
• Bank of England (BOE) kept interest rates and asset purchase facility unchanged as widely expected.
   
• Aussie on the other side extending upbeat jobs data related gains.
   
• Technical studies bearish, RSI sharply lower and gains downside traction below 50 levels.
   
• Momentum studies bearish, MACD supports trend lower. Bearish divergence from price action seen on RSI and Stochs.
   
• 50-DMA at 1.7292 next major bear target. Bearish invalidation above 20-DMA at 1.7624

Call update: Our previous call (http://www.econotimes.com/FxWirePro-GBP-AUD-Trade-Idea-1055795) is approaching TP2.

Recommendation: Bias lower, stay short.

FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at -52.4622 (Neutral), while Hourly AUD Spot Index was at 159.07 (Bullish) at 0800 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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