• GBP/AUD declined on Wednesday as higher metal prices and increased risk appetite in the market boosted Australian dollar.
•Copper futures reached a record high on Wednesday as demand for the base metal remains strong
•Gold reached its highest level in over three weeks on Wednesday, supported by a weaker dollar and lower Treasury yields.
• Technical signals show the pair could lose more ground in the short-term as RSI is lower at 39, daily momentum studies 9, 11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.9052(38.2%fib),any close above will push the pair towards 1.9127 (April 29th high).
• Immediate support is seen at 1.8893(23.6% fib) and break below could take the pair towards 1.8827 (Lower BB)
Recommendation: Good to sell around 1.8960, with stop loss of 1.9100 and target price of 1.8870
