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

• GBP/AUD declined on Tuesday  as diminished expectations for aggressive BoE and rising uncertainty about the global economic outlook weighed on the pair.

•The pair is approaching 1.7602 (38.2 % fib ), a daily close below which will accelerate towards 1.7520 (21st April low).

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 47.

• Immediate resistance is located at 1.7681 ( 5DMA), any close above will push the pair towards 1.7794( Higher BB).

• Strong support is seen at 1.7602 (38.2 % fib ) and break below could take the pair towards 1.7524 (21st April low).

Recommendation: Good to sell around 1.7620, with stop loss of 1.7740 and target price of 1.7500.