FxWirePro:GBP/AUD set for bigger drop, but close below key fibo needed

• GBP/AUD dipped on Tuesday as higher oil prices and increased risk appetite boosted Australian dollar .

• Range trading likely to be range bound as market was more focussed on upcoming Powell speech on Wednesday.

• The pairs fall below  1.7900  level has increased the growing bearish strength, putting focus on support at 1.7823 (50% fib).

• Technicals are favouring bearish sentiment as RSI is heading down and the pair is trading below   9,14 & 21-DMAs. 

• Immediate resistance is located at 1.7907 (9DMA), any close above will push the pair towards 1.8023(Higher BB)

• Strong support is seen at 1.7823 (50% fib)and break below could take the pair towards 1.7723 (Nov 18th low).

Recommendation: Good to sell  around 1.7900, with stop loss of 1.7980 and target price of  1.7840