FxWirePro:GBP/AUD downside pressure builds, key support levels in focus

• GBP/AUD dipped on Monday as sterling attracted sellers  amid worries around Britain's surging inflation and declining economy.

• Investors awaited minutes of the ECB's last policy meeting and Fed Powell's key speech at the Fed's annual economic symposium this week for additional clues on the economic and rate outlook.

• The pair   was last trading % at $1.7105 after briefly falling to  1.7066, its lowest level since 15th Aug.

• Technicals are favouring bearish sentiment as RSI is at 38 and the pair is trading below   11 & 21-DMAs. 

• Immediate resistance is located at 1.7202(5DMA), any close above will push the pair towards 1.7294 (38.2% fib).

• Support is seen at 1.7079(23.6% fib) and break below could take the pair towards 1.7011 (Lower BB).

Recommendation: Good to sell  around 1.7110, with stop loss of 1.7210 and target price of 1.7000