• GBP/AUD declined on Thursday as the pair attracted seller after European Central Bank raised rates and signalled the need for more tightening .
• The ECB, the central bank for the 20 countries that share the euro currency, raised interest rates by 25 basis points to 3.25%.
• Technical signals are bearish, RSI is falling, 10-DMA has crossed below 5-DMA.
• Immediate resistance is located at 1.8782 ( 5 DMA), any close above will push the pair towards 1.8941(38.2%fib)
• Strong support is seen at 1.8711(50%fib ) and break below could take the pair towards 1.8608(May 2nd low).
Recommendation: Good to sell on rally around 1.8800, with stop loss of 1.8910 and target price of 1.8720
