• GBP/ AUD declined on Wednesday after data showed British economic output contracted by more than expected in July.
• British economic output contracted by a larger-than-expected 0.5% in July from June, data showed, worse than what economists had forecast .
• Bearish are on course to force a daily close under 1.9433 (50%fib) support,that would open the pathway to much bigger losses .
• Technical signals show the pair could lose more ground in the short-term as RSI has tuned lower , daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.9482(5DMA), any close above will push the pair towards 1.9584(38.2%fib).
• Immediate support is seen at 1.9433 (50%fib) and break below could take the pair towards 1.9340(Lower BB).
Recommendation: Good to sell around 1.9440, with stop loss of 1.9650 and target price of 1.9350
