FxWirePro:GBP/AUD slides lower after disappointing UK GDP data, good to sell on rally

• GBP/AUD declined on Monday after data showed Britain's economy expanded less than expected in July. 

• Data on Monday showed Britain's economy grew less than expected in July, raising the risk that it is already in a recession.

•The is pair heading towards the 23.6% support, as the UK news turns more negative.Only a break and daily close above 50% fib at 1.7277 will shift bias to the upside.

• Technical signals are bearish as RSI is at 42, daily momentum studies  5, 9 and 10 DMAs are trending down.

•Immediate resistance is located at 1.6988(11 DMA ), any close above will push the pair towards 1.7109 (38.2% fib).

• Immediate support is seen at 1.6898 (23.6% fib) and break below could take the pair towards 1.6820  (Lower BB).

Recommendation: Good to sell on rallies around 1.6970, with stop loss of 1.7150 and target price of 1.6850.