• GBP/AUD declined on Friday as higher commodity prices and help from US data boosted Australian dollar.
GBP/ AUD drops swiftly from 1.7645 (Daily high)to 1.7549(38.2% fib). Break lower risks run towards 1.7460 level.
• Technical signals show the pair could lose more ground in the short-term as RSI is lower at 35 lower, daily momentum studies 9, 11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.7648(Daily high),any close above will push the pair towards 1.7718(50% fib).
• Immediate support is seen at 1.7549(38.2% fib) and break below could take the pair towards 1.7480(Nov 14th low ).
Recommendation: Good to sell below 1.7600, with stop loss of 1.7680and target price of 1.7570
