FxWirePro: GBP/AUD outlook weaker on renewed downside pressure

• GBP/ AUD declined on Wednesday as coronavirus crisis and Brexit economic uncertainty weighed on GBP.

• Underlying trend remains bearish. A break below 1.9792 (Lower BB) might spur fresh downward momentum.

• At GMT 15:06, the pair was trading 0.16% lower at 1.8898, lowest since Jan 20th 2020.  
• Technical signals show the pair could lose more ground in the short-term as RSI is at 31 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.

• Immediate resistance is located at 1.8958 ( 5DMA), any close above will push the pair towards 1.9137 (9 DMA).

• Strong support is seen at 1.9792 (Lower BB) and break below could take the pair towards 1.8730  (300 DMA).

Recommendation: Good to sell below 1.9000, with stop loss of 1.9200 and target price of 1.9700