• GBP/AUD declined on Wednesday as Brexit-related news continued to weigh on British pound.
•The pair failed to breach a key 23.6% fib retracement at 1.7812 as the pair was severely oversold.
• Selling pressure will remain in the short-term, only a move above 1.7993 ( 61.8 % fib) strong resistance will shift the bias higher.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 31.
• On the upside, Immediate resistance is located at 1.7876 ( 38.2%fib), any close above will push the pair towards 1.7931 ( 50% fib).
• On the downside, strong support is seen at 1.7811 (23.6% fib ) and break below could take the pair towards 1.7756 (July 23rd low).
Recommendation: Good to sell around 1.7900, with stop loss of 1.7990 and target price of 1.7700.
