FxWirePro: GBP/AUD falls on weak UK GDP data, outlook strongly bearish

• GBP/AUD declined on Wednesday   as worse than expected UK oct GDP data weighed on sterling .

• The Office for National Statistics said UK gross domestic product contracted by 0.3% in October, against forecasts for a no change.

• The pair hit daily low at 1.9024, it was last down 0.53 % at 1.9040  at GMT 16:34.

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

• Immediate resistance is located at 1.9088 (50 % fib), any close above will push the pair towards 1.9166 (61.8 % fib).

• Strong support is seen at 1.9009 (38.2% fib ) and break below could take the pair towards 1.8906(23.6% fib).

Recommendation: Good to sell around 1.9050, with stop loss of 1.9150 and target price of 1.8960