• GBP/AUD declined on Wednesday as Brexit doubts hurt British pound.
• GBP/AUD last traded at 1.8050, down 0.7% on the day, after briefly falling to $1.3288 earlier, its weakest since Friday.
• The is pair heading towards the 1.7995 (50%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 44, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.8124 (50%fib ), any close above will push the pair towards 1.8272 (61.8%fib).
• Strong support is seen at 1.7997 (38.2%fib) and break below could take the pair towards 1.7982 (38.2%fib).
Recommendation: Good to sell on around 1.8050, with stop loss of 1.8650 and target price of 1.9250
