FxWirePro : GBP/AUD capped by 5DMA, good to sell on rallies

• GBP/AUD initially strengthened on Tuesday  as but gave most of the ground   as Australian dollar was buoyed by   China's moves to ease COVID-19 restrictions and gains equity.

•  In an up-and-down session, the pair hit daily high at 1.7755 in early trading then fell  towards 1.7483.

• The pair is approaching to testing 1.7484 (38.2%fib ). A break under  1.7484 would unmask   1.7400 level in the short term.

• Immediate resistance is located at 1.7604 (5DMA ), any close above will push the pair towards 1.7713 (38.2%fib).

• Immediate support is seen at 1.7484 (38.2%fib ), break below could take the pair towards 1.7395 (Lower BB).

Recommendation: Good to sell around 1.7590 with stop loss of 1.7760 and target price of 1.7500