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FxWirePro: GBP/AUD capped by the 38.2% fibonacci, good to sell on rallies

• GBP/AUD gained on Wednesday as unexpected rise in May UK GDP supported pound. • The rallies above the 1.7600 level but lift stopped after finding resistance at 1.7633 (21DMA). • GBP/AUD technical outlook is bearish in …

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FxWirePro: GBP/AUD capped by the 38.2% fibonacci, good to sell on rallies
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• GBP/AUD gained on Wednesday  as unexpected rise in May UK GDP supported pound.

• The rallies above the 1.7600 level but lift stopped  after finding resistance at 1.7633 (21DMA).

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

• Immediate resistance is located at 1.7633 (21DMA ), any close above will push the pair towards 1.7721 (38.2% fib).

• Strong support is seen at 1.7506 (Lower BB) and break below could take the pair towards 1.7437 (23.6% fib).

Recommendation: Good to sell   around 1.7620, with stop loss of 1.7770 and target price of 1.7540
 

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