FxWirePro :GBP/AUD set for bigger drop, but close below key fibo needed

• GBP/AUD declined further on Thursday  as drops   was-assisted by Australian dollar strength and Yuan gains.

• Australian dollar strengthened after data from Australian Bureau of Statistics showed net employment rose by 32,600 in June from May, when it had surged by a startlingly strong 76,600.  

•The jobless rate held at a downwardly revised 3.5%, when analysts had expected 3.6%, leaving it just above the 3.4% trough from October last year.

•Technical signals show the pair could lose more ground in the short-term as RSI is at 46 bearish, daily momentum studies 5, 10 and 21 DMAs are trending  down.

• Immediate resistance is located at 1.8989 (38.2%fib), any close above will push the pair towards 1.9111 (61.8%fib)

• Immediate support is seen at 1.8903(50DMA ) and break below could take the pair towards 1.8861 (38.2%fib).

Recommendation: Good to sell  around 1.9000, with stop loss of 1.9150 and target price of 1.8900.