• GBP/AUD declined on Thursday as firmer risk sentiment prompted investors to reach for higher-yielding currencies like Aussie dollar.
•The Australian dollar , advanced against their sterling, rising 0.02% respectively at 1.7304.
• The is pair heading towards the 23.6%fib, as the UK news turns more negative. Only a break and daily close above 38.2% fib at 1.7576 will shift bias to the upside.
• Technical signals are bearish as RSI is at 35, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7434 (5 DMA ), any close above will push the pair towards 1.7576(38.2% fib).
• Immediate support is seen at 1.7283 (23.6%fib ) and break below could take the pair towards 1.7147 (5th May low).
Recommendation: Good to sell on rallies around 1.7300, with stop loss of 1.7380 and target price of 1.7200.
