• GBP/AUD declined on Thursday as pound continued to face downward pressure amidst gloomy market sentiment.
• UK GDP data is due on Friday will provide an indication as to the state of the economy and clues on how much longer the Bank of England (BoE) can hold rates at 5.25%.
• GBP/ AUD remains well below 11 EMA ,Daily close below 50%fib support will increase the scope for much bigger drop .
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 43.
• Immediate resistance is located at 1.9229(11 EMA ), any close above will push the pair towards 1.9311( 38.2 % fib).
• Strong support is seen at 1.9178 (38.2% fib ) and break below could take the pair towards 1.9104 (April 10th low).
Recommendation: Good to sell around 1.9200, with stop loss of 1.9280 and target price of 1.9120
