FxWirePro: GBP/AUD extends drop, faces 23.6% fib support

• GBP/AUD declined sharply on Tuesday  as investors looked ahead  to UK inflation data on Wednesday.

• The data comes ahead of the latest interest rate decision from the Bank of England. Markets anticipate that the central bank will leave rates unchanged.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 39.

•   Immediate resistance is located at 1.9165 (50 % fib), any close above will push the pair towards 1.9248 (61.8% fib).

• Strong support is seen at 1.9076 (23.6% fib ) and break below could take the pair towards 1.9033(Lower BB).

Recommendation: Good to sell around 1.9100, with stop loss of 1.9200 and target price of 1.9030