• GBP /AUD traded up on Wednesday as prospects for further tightening by the BoE boosted the pound against weaker Australian dollar
• The pair hit daily high at 1.8723 and was last trading at 1.8690 .
• Technical signals are bearish as RSI is at 44, daily momentum studies 9, 11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.8576 (5DMA), any close above will push the pair towards 1.8797 (38.2%fib)
• Immediate support is seen at 1.8576 (50%fib) and break below could take the pair towards 1.8475 (Lower BB).
Recommendation: Good to sell around 1.8730, with stop loss of 1.8800 and target price of 1.8650.
