• GBP/AUD initially gained on Tuesday but reversed course as pause in the Britain’s vaccination drive sparked fears of a delay in a broader economic rebound in UK.
• GBP/AUD last traded at 1.7987, down 0.14% on the day, after briefly rising to 1.8089 earlier.
• Bulls will need a clear 1.8096 (38.2%fib) to take greater control, failure to break higher could lead to further downside.
• Technical are bearish, daily RSI is negative at 49, daily momentum studies 5 and 9 DMAs are trending down.
• Immediate resistance is located at 1.8056 (9DMA ), any close above will push the pair towards 1.8096 (38.2%fib).
• Strong support is seen at 1.7947(50%fib) and break below could take the pair towards 1.7912(Ichimoku Cloud Top).
Recommendation: Good to sell on around 1.8000, with stop loss of 1.8100 and target price of 1.7900
