• GBP/AUD declined on Thursday as worsening risk appetite weighed on the pair.
• Initial boost from the ECB's surprisingly bold 50bp rate hike faded as growth worries crept into President Christine Lagarde's press conference.
• The pair dropped to test 1.7268(50% fib ). A break under would unmask 1.7500 level .
• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 35.
•Immediate resistance is located at 1.7388(5 DMA) , any close above will push the pair towards 1.7480 (38.2% fib).
• Immediate support is seen at 1.7268(50% fib ) and break below could take the pair towards 1.7176 (5th May low ).
Recommendation: Good to around 1.7320, with stop loss of 1.744 0and target price of 1.7200.
