Description
⋅ GBP/AUD extending downside for 4th consecutive session, scope for further downside.
British pound dented by election jitters and weak growth.
On the other side, Australia's quarterly GDP growth came-in at 0.3%, slightly better-than expected, supporting the Australian Dollar.
GBP/AUD is currently holding minor support at 1.7066 (May 2 low), break below will accentuate weakness.
RSI below 50, biased south. Stochs are also biased lower and MACD supports trend lower.
Technical indicators on weekly charts are also biased lower, RSI points south, while Stocks are on verge of rollover from overbought zone.
Support levels - 1.7082 (50-DMA), 1.7066 (May 2 low), 1.6983 (38.2% Fib of 1.5902 to 1.7650 rally)
Resistance levels - 1.7238 (23.6% Fib), 1.7256 (5-DMA), 1.7332 (20-DMA)
Good to go short on break below 1.7066, SL: 1.72, TP: 1.6990/ 1.6880/ 1.6780.