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

• GBP/AUD declined on Wednesday as   Australian dollar was boosted by  hawkish message from Reserve Bank of Australia Governor Michele Bullock.

• Wrapping up its June policy meeting, the Reserve Bank of Australia (RBA) kept rates at a 12-year high of 4.35% for a fifth straight meeting, but emphasised the need to be vigilant on inflation.

•Technicals are favouring bearish sentiment as RSI is at 41 and the pair is trading below   5,10 & 11-DMAs. 

• Immediate resistance is located at 1.9098 (Daily high ), any close above will push the pair towards 1.9133 (38.2%fib).

• Immediate support is seen at 1.9040 (23.6%fib ), break below could take the pair towards 1.9009 (Lower BB).

Recommendation: Good to sell around 1.9060 with stop loss of 1.9120 and target price of 1.8950