FxWirePro:GBP/AUD drops below 1.8300 level, heads deeper into bear territory

• GBP/AUD declined on Wednesday  as Australian dollar strengthened across the board following a jump on surprisingly strong inflation data.

• Data from the Australian Bureau of Statistics released on Wednesday showed that the Consumer Price Index (CPI) rose 0.8% in the third quarter and 3.0% for the year.

• GBP/AUD may find an interim floor at 1.8247(Lower BB ), The pair is likely  to see more downside  close below 1.8200 level is likely to open the possibility of run towards 1.8100.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 30.

• Immediate resistance is located at 1.8330( 23.6%fib), any close above will push the pair towards 1.8386 ( 38.2 % fib).

• Strong support is seen at 1.8247(Lower BB ) and break below could take the pair towards 1.8212 (June 14th low).

Recommendation: Good to sell around 1.8290, with stop loss of 1.8390 and target price of 1.8200.