• GBP/AUD declined on Tuesday as hawkish statement from RBA boosted Australian dollar against pound.
• RBA signalled it was primed for further monetary tightening to add to its recent surprisingly large rate hike, as policymakers vowed to stay firm in their fight against soaring inflation.
• The is pair heading towards the 23.6%fib, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 40, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7498(5 DMA ), any close above will push the pair towards 1.7530 (30DMA).
• Strong support is seen at 1.7384(Daily low) and break below could take the pair towards 1.7268(23.6%fib).
Recommendation: Good to sell on around 1.4900, with stop loss of 1.5030 and target price of 1.4790
