FxWirePro: GBP/AUD downside pressure is building, scope for a sustained break below 50%fib

• GBP/AUD   declined on Wednesday as GBP was weighed down after Britain and the European Union failed to agree on solutions to post-Brexit trade problems in Northern Ireland.  

• At GMT 19:51, the pair was trading down 0.08 percent  at 1.8258 after reaching daily low at 1.8222.

• Bearish momentum is likely to pick up with a move below 50%fib, which would target support at the   at 1.8198(26th May low) and then 61.8% fib  at 1.8151.

• Immediate resistance is located at 1.8300(5DMA ), any close above will push the pair towards 1.8335 (38.2%fib).

•Immediate support is seen at 1.8243 (50%fib ) and break below could take the pair towards 1.8151 (61.8% fib).

Recommendation: Good to sell   around 1.8270, with stop loss of 1.8390 and target price of 1.8200.