FxWirePro:GBP/AUD attracts selling interest, vulnerable to more downside
• GBP/AUD declined on Monday as sterling attracted sellers as traders braced for the UK government's fiscal statement on Thursday. • The market also looked ahead to unemployment and wage data on Tuesday, consumer price d…
• GBP/AUD declined on Monday as sterling attracted sellers as traders braced for the UK government's fiscal statement on Thursday.
• The market also looked ahead to unemployment and wage data on Tuesday, consumer price data on Wednesday and October retail sales data due on Friday for a read on the state of the UK economy.
•The pair extended its drop to hit 1.7487, daily low, it was last down 0.83% in US session.
• Immediate resistance is located at 1.7643 (50%fib ), any close above will push the pair towards 1.7695 (9DMA).
• Immediate support is seen at 1.7467 (38.2%fib ), break below could take the pair towards 1.7242 (23.6%fib).
Recommendation: Good to sell around 1.7500 with stop loss of 1.7600 and target price of 1.7355
