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FxWirePro:GBP/AUD downtrend loses steam but outlook still bearish

• GBP/AUD declined on Thursday as traders awaited speech by Federal Reserve Chair Jerome Powell, the week's most anticipated event.

•The pair failed to breach a key 38.2% fib support at 1.9884 and recovered towards 1.8915.

• Selling pressure will remain in the short-term, only a move above 1.8970 ( 38.2 % fib)strong resistance  will shift the bias higher.

•  Immediate resistance is located at 1.8931( 5DMA), any close above will push the pair towards 1.8970 ( 38.2 % fib).

•Strong support is seen at 1.9884 (50% fib ) and break below could take the pair towards 1.8800 (61.8% fib).

Recommendation: Good to sell around 1.9820 with stop loss of 1.9920 and target price of 1.9760.

 

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