• GBP/AUD declined on Thursday as impact of Russia’s invasion of Ukraine weighed on the pair.
•Australia's biggest exports, LNG and iron ore, are both surged due to supply concerns stemming from the economic and financial sanctions placed on Russia .
• GBP/AUD started to trend lower in early February and the trend has accelerated since the start of the Ukraine crisis. The cross is down over 5.5% since Feb 4.
• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 42.59.
• Immediate resistance is located at 1.8307 (38.2% fib ), any close above will push the pair towards 1.8232 (5 DMA).
• Immediate support is seen at 1.8191 (23.6% fib ) and break below could take the pair towards 1.8085 (Lower BB ).
Recommendation: Good to around 1.8200, with stop loss of 1.8300 and target price of 1.8100
