• GBP/AUD eased on Tuesday after UK data revealed that wage growth slowed and unemployment rose.
• British wage growth, excluding bonuses, dropped to its lowest level in over two years in the third quarter. Meanwhile, unemployment rose to 4.3% in September, up from 4.1%.
• GBP/AUD remains vulnerable, a daily break and close below 38.2%fib support will shift bias towards 1.9400.
• Technical are bearish, daily RSI is negative at 48, daily momentum studies 11and 14 SMAs are trending down.
• Immediate resistance is located at 1.9526 (50%fib ), any close above will push the pair towards 1.9168(50%fib).
• Strong support is seen at 1.9436 (38.2%fib) and break below could take the pair towards 1.9407 (Oct 18th low).
Recommendation: Good to sell around 1.9530, with stop loss of 1.9600and target price of 1.9450
