FxWirePro :GBP/AUD range bound short term, primary trend still lower

• GBP/AUD was little changed  on Tuesday    as investors   assessed UK payrolls and  a batch of Australian economic data for hint at  UK and Australian central bank policy paths.

• Data out of the UK showed a slowdown in average earnings growth and an unexpected fall in the unemployment rate.

• A batch of Australian economic data showed wages rose by 0.8% in the second quarter, under forecasts of 0.9% and the lowest increase in a year.Business activity picked up in the latest NAB survey.

• A daily close above 50%fib would reinforce the bearish outlook and potentially set the stage for a bigger drop toward the 1.9300 level. 

•  Immediate resistance is located at 1.9452 (Daily high ), any close above will push the pair towards 1.9509(38.2%fib).

• Strong support is seen at 1.9367 (50%fib) and break below could take the pair towards 1.9242(61.8%fib).

Recommendation: Good to sell around 1.9390, with stop loss of 1.9500 and target price of 1.9330.