FxWirePro:GBP/AUD reverses course as bullish mood sours after strong Aus building approvals data

• GBP/AUD declined on Wednesday as   stronger than expected Australian  building approvals data  gave support to Australian dollar.

• Australian March building approvals rose  +17.4% versus +3.0% forecast.

•The pair extended its drop to hit 1.7943, daily low, it was last down 0.22% on the day.

• The pair is approaching to testing 1.7935 (38.2%fib ). A break under  1.7935 would unmask   1.7800 level in the short term.

• Immediate resistance is located at 1.8041 (50%fib ), any close above will push the pair towards 1.8061 (Higher BB).

• Immediate support is seen at 1.7935 (38.2%fib ), break below could take the pair towards 1.7862 (100DMA).

Recommendation: Good to sell around 1.7970 with stop loss of 1.8060 and target price of 1.7880