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


• GBP/AUD declined  on Wednesday  as Australian dollar was as aided by rise in risk appetite.

• GBP/AUD drops swiftly from 1.7869 to 1.7774 support. Break lower risks run towards 1.7663 (Oct 21st low)

• Technical signals are bearish as RSI is heading down at 42   , daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.7921 (5DMA ), any close above will push the pair towards 1.7972 (38.2%fib).

• Strong support is seen at 1.7759 (23.6%fib) and break below could take the pair towards 1.7663 (Oct 21st low).

Recommendation: Good to sell on  around 1.7850 with stop loss of 1.7920  and target price of 1.7750

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