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FxWirePro:GBP/AUD struggle to extend its recovery,good to sell on rally

• GBP/AUD initially gained on Tuesday but gave up some ground as investors awaited for key UK GDP data to assess the strength of UK economy. • UK GDP data is expected to show a contraction of 0.1% on a monthly basis in S…

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FxWirePro:GBP/AUD struggle to extend its recovery,good to sell on rally
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• GBP/AUD initially gained on  Tuesday but gave up some ground as  investors awaited  for key UK GDP data to assess the strength of UK  economy. 

• UK GDP data is expected to show a contraction of 0.1% on a monthly basis in September, compared with growth of 0.2% a month ago .

• The pair is holding near today's high, but repeated failures to push above 38.2 %fib  resitence is discouraging longs.

• Technical signals are bearish   as RSI is at 46, daily momentum studies  5, 9 and 11  DMAs are trending south. 

•  Immediate resistance is located at 1.9148 (38.2%fib ), any close above will push the pair towards 1.9198  (Nov 7th high).

• Strong support is seen at 1.8991(23.6% fib  ) and break below could take the pair towards 1.8926(Nov 3rd low).

Recommendation: Good to sell around 1.9120 , with stop loss of 1.9200  and target price of 1.9050

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