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Short GBP/AUD short setup, target 200-DMA | February 5, 2019



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GBP/AUD weakens after UK PMI services misses forecasts.

Markit's Services PMI dropped to 50.1 points in January, reflecting meager growth.

Recent data from the UK haven’t been impressive and Brexit progress is minimal.

On the other side, Aussie buoyed after RBA stood pat and sounded optimistic about the jobs market.

GBP/AUD recovery rejected with a 'Gravestone Doji' formation on daily charts .

Bears' next major target lies at 200-DMA at 1.7880. Violation there will see downside till 61.8% Fib at 1.7710.



Good to go short on upticks, SL: 1.8125, TP: 1.79/ 1.7880/ 1.7710



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