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FxWirePro: GBP/AUD downtrend loses steam but outlook still bearish

• GBP/AUD initially dipped on Thursday   but recovered slight ground as investors focused on August US jobs report due on Friday.

• Pull back has been very limited. The cross pairs bearish bias is set to strengthen, likely to drop towards 1.8600

• Technical signals are bearish  as RSI is at 40, daily momentum studies  5,9,11 DMA’s, are trending down. 

•  Immediate resistance is located at 1.8746 (50%fib ), any close above will push the pair towards 1.8802 (9DMA).

• Strong support is seen at 1.8632 (38.2%fib) and break below could take the pair towards 1.8577 (Lower BB).

Recommendation: Good to sell around 1.8700 with stop loss of 1.8800 and target price of 1.8620.
 

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