• GBP/AUD eased on Thursday as gains in equities and iron ore prices boosted Australian dollar.
• Iron ore is Australia's biggest export earner, Dalian iron rose to 11-week high.
• Scope is growing for an eventual break under the 50% fib support level, an eventual break below will accelerate further down.
• Technical signals show the pair could lose more ground in the short-term as RSI is turning sharply lower, daily momentum studies 9, 11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.8661 (38.2%fib),any close above will push the pair towards 1.8746(Higher BB ).
• Immediate support is seen at 1.8512(50% fib) and break below could take the pair towards 1.8420(Lower BB )
Recommendation: Good to sell below 1.8580, with stop loss of 1.8700 and target price of 1.8500
