• GBP/AUD declined on Wednesday as dovish comments by Bank of England Governor Andrew Bailey dragged GBP lower against stronger Australian dollar.
• Bank of England Governor Andrew Bailey said nothing had been decided in terms of whether interest rates would need to rise again.
• At GMT 17:24, the pair was trading 0.44% lower at 1.7778, lowest since 27th February.
• GBP/AUD probed support at 1.7729 (50%fib) , Break lower risks run towards 1.7650 level.
• Immediate resistance is located at 1.7952 ( 38.2%fib), any close above will push the pair towards 1.8032 (Feb 28th high).
• Strong support is seen at 1.7729 (50%fib) and break below could take the pair towards 1.7641 (11 DMA).
Recommendation: Good to sell below 1.7790, with stop loss of 1.7860 and target price of 1.7680
