• 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
