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FxWirePro: GBP/AUD slides towards 38.2% fib, downside risk remains


• GBP/AUD declined on Thursday as slowing pace of the covid vaccinations in the UK continued to weigh on the pair.

• The is pair heading towards the Ichimoku cloud top, as near term direction of the pair is likely to be driven by current price action.  

• Technical are bearish, daily RSI is negative at 46, daily momentum studies  9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.8078(9 DMA ), any close above will push the pair towards 1.8131 (23.6% fib).

• Strong support is seen at 1.1739 (38.2%fib) and break below could take the pair towards 1.7896 (Ichimoku cloud top).

Recommendation: Good to sell on  around 1.7950, with stop loss of 1.8100 and target price of 1.7890

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