• GBP/AUD slipped lower on Wednesday after UK finance minister Jeremy Hunt unveiled a series of tax cuts and other measures to boost growth in his autumn budget .
• GBP/AUD drops below the 5DMA, currently approaching (23.6% fib) support, break below will accelerate towards 1.9000 level.
• Technicals are favouring bearish sentiment as RSI is at 46 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 1.9111(5DMA), any close above will push the pair towards 1.9185(38.2% fib)
• Strong support is seen at 1.9045 (23.6% fib)and break below could take the pair towards 1.8977 (Nov 7th low).
Recommendation: Good to sell around 1.9080 with stop loss of 1.9150 and target price of 1.9000
