FxWirePro: GBP/AUD threatens 38.2% fib after fall below 1.7700 handle

• GBP/AUD dipped on Friday as UK recession fears and Brexit concerns   weighed on the pound.

• Inability to resolve post-Brexit tensions over the Northern Ireland protocol is also adding as additional irritant to sterling sentiment.

• Data on Thursday showed Britain's economy unexpectedly shrank 0.1% in March ,that has exacerbated concerns about a weakening UK growth outlook.

• GBP/AUD technical outlook is bearish in short-term as RSI has turned lower, moving averages are mixed. 

• Immediate resistance is located at 1.7713 (5DMA ), any close above will push the pair towards 1.7807(23.6% fib).

• Strong support is seen at 1.7612 (38.2% fib) and break below could take the pair towards 1.7552 (Ichimoku Cloud base).

Recommendation: Good to sell   around 1.7650, with stop loss of 1.7800 and target price of 1.7430.