• GBP/AUD strengthened on Friday after Fed Chair Powell's remarks at Jackson Hole but gains were in check on concern on mounting cost-of-living crisis in UK.
• GBP/AUD recovers above 1.7000, lift stops after finding resistance at 1.7036 (5DMA).
• GBP/AUD remains vulnerable, only a break and daily close above 1.7232 (50% fib) will shift bias to the upside.
• Technical are bearish, daily RSI is negative at 38, daily momentum studies 14 and 21 DMAs are trending down.
• Immediate resistance is located at 1.7036 (5DMA), any close above will push the pair towards 1.7095 (38.2%fib).
• Strong support is seen at 1.6928 (23.6%fib) and break below could take the pair towards 1.6896(Lower BB).
Recommendation: Good to sell on around 1.7030, with stop loss of 1. 1.7150 target price of 1.6950
