• GBP/AUD declined on Friday as weak U.K. purchasing managers' index data weighed on sterling
• Britain's preliminary S&P Global Flash Composite Purchasing Managers' Index, published on Friday, fell to 49.9 in November - below the 50.0 no-change level for the first time in 13 months.
• GBP/AUD chart has taken a turn for the worse after today’s large drop.Overall risk is growing for a bigger drop towards 1.9150
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 23.
• Immediate resistance is located at 1.7365( 50%fib), any close above will push the pair towards 1.7390 (5DMA).
• Strong support is seen at 1.9264 (38.2%fib).) and break below could take the pair towards 1.9150 ( 23.6%fib).
Recommendation: Good to sell around 1.9280, with stop loss of 1.9380 and target price of 1.9150
