FxWirePro: GBP/AUD gives back chunk of early gains, eyes another drop

• GBP/ AUD initially gained on Friday but gave up some ground    as traders continue to digest the possibility that the BoE might be done with its most extensive rate-hiking cycle in decades.

•   Data from mortgage lending Halifax showed on Friday that British house prices fell at the fastest pace since 2009 over the 12 months to September.

• A close below 50% fib support puts 1.9000(Psycholoical level ) in focus and  then 61.8%fib support.

•Technical signals are bearish as RSI is at 46, momentum studies  11, 21 and 30 DMAs are trending down.

• Immediate resistance is located at 1.9203(38.2%fib), any close above will push the pair towards 1.9317 (30DMA).

• Immediate support is seen at 1.9072 (50%fib) and break below could take the pair towards 1.8941 (61.8%fib).

Recommendation: Good to sell around 1.9170, with stop loss of 1.9250 and target price of 1.9080