• GBP/ AUD initially gained on Tuesday but rally fizzled as data showed UK consumer spending failed to match inflation in December.
• GBP/ AUD bulls will find it difficult to pull the pound higher as the UK's inflation and growth uncertainties will continue to weigh on GBP/ AUD .
• Technical signals show the pair lose more ground in the short-term as RSI is bearish at 38, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7677 (9DMA), any close above will push the pair towards 1.7720 (38.2% fib).
• Immediate support is seen at 1.7493 (23.6% fib) and break below could take the pair towards 1.7450 (Lower BB).
Recommendation: Good to sell around 1.7630, with stop loss of 1.7710 and target price of 1.7600
