• GBP/AUD initially declined on Wednesday but recovered most of the ground as investors awaited Bank of England MPC meeting.
• At GMT 22:18, the pair was trading down 0.01 percent at 1.8812 after reaching daily low at 1.8751.
• Bearish momentum is likely to pick up with a move below 50% fib, which would target support at the 5DMA at 1.8694.
• Immediate resistance is located at 1.8845 (38.2%fib ), any close above will push the pair towards 1.8949 (23.6%fib).
•Immediate support is seen at 1.8751(50%fib ) and break below could take the pair towards 1.8689 (21DMA).
Recommendation: Good to sell around 1.8830, with stop loss of 1.8950 and target price of 1.8750.
