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FxWirePro: GBP/AUD strongly bearish despite upside attempts

• GBP/AUD recovered some ground   on Friday as the pair was aided by profit-taking on shorts.

• The rallied above 1.8000 Psychological level, lift stops after finding resistance at 1.8031 (38.2%fib ).

• GBP/AUD remains vulnerable, only a break and daily close above 1.8078 (9DMA) will shift bias to the upside.

• Technical are bearish, daily RSI is negative at 48, daily momentum studies  11and 14 DMAs are trending down. 

• Immediate resistance is located at 1.8031 (38.2%fib ), any close above will push the pair towards 1.8078 (9DMA).

• Strong support is seen at 1.7926(Daily low) and break below could take the pair towards 1.7902 (Ichimoku Cloud Top).

Recommendation: Good to sell   around 1.7990, with stop loss of 1.8100 and target price of 1.7900
 

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