FxWirePro:GBP/AUD positions for another drop, eyes 1.7950 level

• GBP/AUD declined on Wednesday as concerns on slowing pace of the COVID vaccinations in the UK weighed on sterling.

• The UK's medical regulator on Wednesday issued a temporary ban on the AstraZeneca vaccine,amid concerns that the jab could put young persons at risk of a rare form of blood clots.

• Selling pressure will remain in the short-term, only a move above 1.8135( 23.6%fib) strong resistance  will undermine downtrend.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is turning down.

•   Immediate resistance is located at 1.8135( 23.6%fib), any close above will push the pair towards 1.8200 ( Psychological level).

•   Strong support is seen at 1.7990 (30DMA ) and break below could take the pair towards 1.7946 (38.2% fib).

Recommendation: Good to sell around 1.8050, with stop loss of 1.8135 and target price of 1.7990.