• GBP/AUD remained relatively unchanged on the day after Christmas, with many traders on holiday break until the New Year.
• GBP/AUD holding just above 23.6%fib support. Daily close below 23.6%fib will increase scope for much bigger drop.
• Technical highlight downside risks for GBP/AUD, with momentum studies, 5, 10 and 21 DMAs tracking south.
• Immediate resistance is located at 1.8755 (38.2%fib ), any close above will push the pair towards 1.8784 (Dec 22nd high).
• Immediate support is seen at 1.8633 (23.6%fib ), break below could take the pair towards 1.8592 (Lower BB).
Recommendation: Good to sell around 1.8680 with stop loss of 1.8780 and target price of 1.8600
