FxWirePro: GBP/AUD downside pressure builds, key support level in focus

• GBP/AUD declined on Friday   as higher commodities prices, hawkish RBA rate outlook boosted Australian dollar against pound .

• The Reserve Bank of Australia (RBA) holds its monthly policy meeting on Dec. 5 and is forecast to stay on hold given it hiked to a 12-year high of 4.35% just a month ago.

• A daily close above 38.2% fib  support  will further improve downside bias , and open the possibility of a drop towards 1.8900 level.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 43.

• Immediate resistance is located at 1.9106 (11DMA), any close above will push the pair towards 1.9157 (50% fib).

• Strong support is seen at 1.9017(38.2% fib ) and break below could take the pair towards 1.8908 (Nov 3rd low).

Recommendation: Good to sell around 1.9040, with stop loss of 1.9150 and target price of 1.8930