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FxWirePro:GBP/AUD drops below 1.8900 as bullish signals weaken

• GBP/AUD declined on Wednesday  as  Australian dollar was lifted by  gains in  equity and bounce in copper prices.

• The is pair heading towards the 50%fib, as near term direction of the pair is likely to be driven by current price action.  

• Technical are bearish, daily RSI is negative at 47, daily momentum studies  9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.8955 (38.2%fib ), any close above will push the pair towards 1.8990 (11DMA).

• Strong support is seen at 1.8830 (50%fib) and break below could take the pair towards 1.8724 (Lower BB).

Recommendation: Good to sell on  around 1.8850, with stop loss of 1.8950 and target price of 1.8760 

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