• GBP/AUD paused its decline on Wednesday as traders awaited interest rate decision from Bank of England on Thursday .
• Selling pressure will remain in the short-term, only a move above 1.8872 ( 23.6 % fib) strong resistance would indicate the weakness in the pair has run out.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 49.
• Immediate resistance is located at 1.8741( 11DMA), any close above will push the pair towards 1.8872 ( 23.6 % fib).
• Strong support is seen at 1.8602 (38.2% fib ) and break below could take the pair towards 1.8528 (Apr 12th low).
Recommendation: Good to sell around 1.8630, with stop loss of 1.8700 and target price of 1.8520
