FxWirePro:GBP/AUD drops below 1.7950 as bullish signals weaken

• GBP/AUD retreated from daily high on Monday as currency traders prepared for BoE and U.S. non-farm payrolls event risk. 

• GBP/AUD failed to close above 50%fib resistance, giving bears hope.That could see the pair weaken in the near term.

• GBP/AUD bullish need break of resistance in the 1.7964 (50%fib resistance) area to gain control.

• Technical signals show the pair could gain more ground in the short-term as RSI is bearish, daily momentum studies  5  and 9 DMAs are trending down. 

• Immediate resistance is located at 1.7936 (20DMA), any close above will push the pair towards 1.7964 (50%fib resistance).

• Strong support is seen 1.7858 (38.2%fib) and break below could take the pair towards 1.7782 (Lower BB).

Recommendation: Good to sell around 1.7920, with stop loss of 1.7970 and target price of 1.7860