FxWirePro: GBP/AUD attracts selling interest, could be on verge of a bigger drop

•GBP/AUD declined on Wednesday, falling from the previous session's   high as rising global COVID cases and stronger Australian dollar weighed on the pair.

•Todays drop from yesterdays high has  turned the daily signals into negative territory,a move towards 1.7900 now looks viable.

•Technical signals are bearish as RSI is heading down  at 49, bearish 5 & 10 DMA cross with 5, 10 & 21 DMAs falling suggests more losses. 

•Immediate resistance is located at 1.8015 ( 50% fib), any close above will push the pair towards 1.8070(Daily high).

• Immediate support is seen at 1.7952 (50DMA ) and break below could take the pair towards 1.7914 (23.6%fib).

Recommendation: Good to sell around 1.7960, with stop loss of 1.8070 and target price of 1.7890.