FxWirePro: GBP/AUD drops to two-week low on EU-UK trade concerns, scope for further downside

• GBP/AUD declined on Tuesday,  as concerns about negotiations between Britain and the European Union weighed on British pound.

• EU-UK final began on March 2nd and is due to last until Thursday, may temper further gains

• At GMT 16:35, the pair  already trading lower on the day, extended its drop to hit $1.9294, a 2-week lows, and was last down 0.5% on the day.
  
• Bulls will need a clear 1.9602 (78.6% fib) to take greater control, failure to break higher could lead to further downside.

• On the upside, Immediate resistance is located at 1.9424(61.8 %fib ), any close above will push the pair towards 1.9608 (78.6% fib).

• On the downside, strong support is seen at 1.9298 (50% Fib) and break below could take the pair towards 1.9163 (38.2% fib).

Recommendation: Good to sell on rallies around 1.9500, with stop loss of 1.9600 and target price of 1.9300.