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FxWirePro :GBP/AUD gains some ground but outlook still bearish

• GBP/AUD  rebounded  1.8685 level on Wednesday  as risk-sensitive pound  benefited from by global equity gains.

• Trading volumes were light, with many market players still on vacation and no economic data releases scheduled.

• Technical highlight downside risks for GBP/AUD, with momentum studies, 5, 10 and 21 DMAs tracking south.

• Immediate resistance is located at 1.8724(38.2%fib ), any close above will push the pair towards 1.8762 (Dec 22nd high).

• Immediate support is seen at 1.8595(23.6%fib ), break below could take the pair towards 1.8569 (Lower BB).

Recommendation: Good to sell around 1.8680 with stop loss of 1.8780  and target price of 1.8600

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