• GBP/AUD declined on Wednesday as commodity linked Australian dollar was supported by gains key commodities prices and news of A$20 billion bid for Australia's Ramsay.
•The pair is approaching 21DMA support,a daily close below which will accelerate towards 1.7300 level.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 41.
• Immediate resistance is located at 1.7636( 38.2%fib), any close above will push the pair towards 1.7782 ( Higher BB).
• Strong support is seen at 1.7507 ( 21DMA) and break below could take the pair towards 1.7305 ( 23.6%fib).
Recommendation: Good to sell around 1.7520, with stop loss of 1.7630 and target price of 1.7450.
