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FxWirePro: GBP/AUD heads deeper into bear territory, bears plotting path toward 1.7600

• GBP/AUD declined on Thursday as heightened Ukraine related uncertainty and gains in commodity market weighed on the pair.

• The is pair heading towards   23.6%fib, as near term direction of the pair is likely to be driven by current price action.  

• Technical daily RSI is negative at 19,  momentum studies 5, 10 & 21 daily and weekly moving averages fall - signals suggest downtrend remains strong. 

• Immediate resistance is located at 1.7843(38.2%fib ), any close above will push the pair towards 1.7945 (50%fib).

• Strong support is seen at 1.7708 (23.6%fib ), and break below could take the pair towards 1.7613(Lower BB).

Recommendation: Good to sell on  around 1.7780, with stop loss of 1.7950 and target price of 1.7600

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