Outlook on GBPAUD: Further downside to be seen

Hi everyone, GBPAUD played out nicely last week. For this week, prices remain under pressure, holding below the descending trend line where we could see a further downside to test our support target at 1.87110, in line with the -27% fibonacci retracement. A pullback to test the resistance at 1.88450, in line with the 50% fibonacci retracement presents an opportunity to play the drop.