FxWirePro: GBP/AUD drifts lower , could be on verge of a bigger drop

• GBP/AUD declined on Monday as    pound was dragged lower by  political troubles in France and the so-called Trump trade.

• France's National Rally gave Prime Minister Michel Barnier until Monday to meet their demands for concessions in his proposed budget, warning that failure to do so could lead to their support for a no-confidence motion.

• Markets also await the Bank of England Decision Maker Panel on Dec. 5, which could provide some clues about the inflation outlook and the Bank of England monetary easing path.  

• A close below  61.8% fib, will likely trigger a new bearish phase with potential for 1.9400 level.

• Immediate resistance is located at 1.9587(50% fib), any close above will push the pair towards 1.9706(38.2% fib).

• Strong support is seen at 1.9487 (61.8% fib) and break below could take the pair towards 1.9446 (SMA 9).

Recommendation: Good to sell on  around 1.9550, with stop loss of 1.9600 and target price of 1.9480