• GBP/AUD declined on Tuesday as Australian dollar rose after RBA hiked interest rates for a ninth straight policy meeting.
• RBA lifted its cash rate by 25 basis points to a decade-high of 3.35%, much as the market expected, but surprised some by saying further increases would be necessary.
• GBP/AUD drops swiftly from 1.7462 to 1.7292(Daily low) . Break lower 1.7262 (23.6%fib) risks run towards 1.7200.
• Technical are bearish, daily RSI is negative at38, daily momentum studies 11and 14 DMAs are trending down.
• Immediate resistance is located at 1.7350 (5DMA ), any close above will push the pair towards 1.7379 (38.2%fib).
• Strong support is seen at 1.7262 (23.6%fib) and break below could take the pair towards 1.7220 (Lower BB).
Recommendation: Good to sell around 1.7310, with stop loss of 1.7390 and target price of 1.7230
