FxWirePro: GBP/AUD attracts selling interest, vulnerable to more downside

• GBP/AUD declined sharply on Thursday   as upbeat Australian jobs data and dovish remarks from BoE Governor Andrew Bailey weighed on pound.

• Bailey said the British economy is "moving in the right direction" for the central bank to start cutting interest rates, with rate-setters voting 8-1 to keep borrowing costs at their 16-year high.

• Figures from the Australian Bureau of Statistics on Thursday showed net employment jumped 116,500 in February from January when it rose a revised 15,200.

• The jobless rate dropped to 3.7%, back to the level from six months ago and down from a two-year high of 4.1%.

• The pair dropped to test 50% fib support. A break under  would unmask 1.9200  level .

• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 48.

•Immediate resistance is located at 1.9383(38.2%fib ) , any close above will push the pair towards 1.9431 (Daily high).

• Immediate support is seen at 1.9269(50% fib ) and break below could take the pair towards 1.9241(Lower BB ).

Recommendation: Good to around 1.9290, with stop loss of 1.9370  and target price of 1.9200