• GBP/AUD declined on Wednesday as Britain's political turmoil and broader economic concerns about a global recession weighed on the pair. •The pair failed to breach a key support at 23.6% fib and recovered towards 1.756…
• GBP/AUD declined on Wednesday as Britain's political turmoil and broader economic concerns about a global recession weighed on the pair.
•The pair failed to breach a key support at 23.6% fib and recovered towards 1.7568.
• Selling pressure will remain in the short-term, only a move above 1.7760( 50 % fib) strong resistance would indicate the weakness in the pair has run out.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 48.
• Immediate resistance is located at 1.7616( 38.2%fib), any close above will push the pair towards 1.7664 ( 11DMA).
• Strong support is seen at 1.7415 (23.6% fib ) and break below could take the pair towards 1.7352(Lower BB).
Recommendation: Good to sell around 1.7580 with stop loss of 1.7680 and target price of 1.7500.
