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

• GBP/AUD declined  on Thursday as upbeat Australian  jobs data  buoy the Australian dollar across the board.

• Data from the Australian Bureau of Statistics showed Australia’s unemployment rate fell to a seasonally adjusted 4.1% in December, beating forecasts of 4.4% and easing from 4.3% in November.

• Australia added 65,200 jobs last month, sharply beating forecasts of 28,300, after a 21,300 job decline in the previous month..

• Net employment jumped by 65,200 in December from November, when it dropped a revised 28,700. That was way above market forecasts of a 30,000 gain, while full-time jobs rebounded by 54,800.

• The participation rate held steady at 66.7%, unchanged from November but below expectations of 66.8%.

• Immediate resistance is located at 1.9870 (Daily high ), any close above will push the pair towards 2.0016 (38.2%fib).

• Strong support is seen at 1.9695(23.6%fib) and break below could take the pair towards 1.96657(Lower BB).

Recommendation: Good to sell around 1.9760 , with stop loss of 2.0000 and target price of 1.9670