• GBP/ AUD declined on Tuesday after data showed the UK labour market weakened even as wage growth stayed strong in July.
• Average weekly earnings growth in the three months to July rose to 8.5% in annual terms .But other labour market gauges underlined caution about the economic outlook.
• Bearish are on course to force a daily close under 1.9411 (50%fib,That would open the pathway to much bigger losses in coming sessions.
• Technical signals show the pair could lose more ground in the short-term as RSI has tuned lower at 45, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.9513(5DMA), any close above will push the pair towards 1.9603(38.2%fib).
• Immediate support is seen at 1.9411 (50%fib) and break below could take the pair towards 1.9353(Lower BB).
Recommendation: Good to sell around 1.9450, with stop loss of 1.9650 and target price of 1.9360
