• GBP/AUD declined on Thursday as heightened Ukraine related uncertainty and gains in commodity market weighed on the pair.
• The is pair heading towards 23.6%fib, as near term direction of the pair is likely to be driven by current price action.
• Technical daily RSI is negative at 19, momentum studies 5, 10 & 21 daily and weekly moving averages fall - signals suggest downtrend remains strong.
• Immediate resistance is located at 1.7843(38.2%fib ), any close above will push the pair towards 1.7945 (50%fib).
• Strong support is seen at 1.7708 (23.6%fib ), and break below could take the pair towards 1.7613(Lower BB).
Recommendation: Good to sell on around 1.7780, with stop loss of 1.7950 and target price of 1.7600
