FxWirePro: GBP/AUD bulls back away from 1.7500 on grim UK GDP data, good to sell on rally

• GBP/AUD eased  from 1.7500 level on Friday after data showed  the UK  economy was on the verge of recession.

•Data showed Britain's economy showed zero growth in the final three months of 2022,

• The pair pulled back after failing to break  resistance at 1.7503 , it was last trading at 1.7426

• Technical signals are bearish as RSI at 45, daily momentum studies  21, 30 and 50 DMA’s are trending down.

• Immediate resistance is located at 1.7503 (50% fib), any close above will push the pair towards 1.7537( 30DMA).

• Immediate support is seen at 1.7401(38.2% fib) and break below could take the pair towards 1.7358(Feb 9th low).

 Recommendation: Good to sell  around 1.7430, with stop loss of 1.7540 and target price of 1.7360.