FxWirePro: GBP/AUD drops to nine-day low after BoE MPA,good sell on rallies

• GBP/AUD declined on Thursday as sterling was weighed down BoE monetary policy announcement.

•Bank of England increased its bond-buying programme by 100 billion pounds ($125 billion) to bolster the coronavirus-hit economy.

• At GMT 16:20, the pair  already trading lower on the day, extended its drop to hit $1.8080, a 9 day lows, and was last down 0.47% on the day 

•Bulls will need a clear 1.8464(38.2% fib) to take greater control, failure to break higher could lead to further downside.

• On the upside, immediate resistance is located at 1.8205 (23.6 % fib ), any close above will push the pair towards 1.8399 (21 DMA).

• On the downside, strong support is seen at 1.8080 (Daily low) and break below could take the pair towards 1.8000 (Lower BB).

Recommendation: Good to sell on rallies around 1.8150, with stop loss of 1.9400 and target price of 1.8000.