• GBP/AUD initially gained on Wednesday but gave up some ground as strength on global commodity prices and rising bond yields weighed on the pair.
• GBP/AUD remains vulnerable, only a break and daily close above 1.8590 (9DMA) will shift bias to the upside.
• Technical are bearish, daily RSI is negative at 36, daily momentum studies 11 and 14 DMAs are trending down.
• Immediate resistance is located at 1.8537 (38.2%fib ), any close above will push the pair towards 1.8590 (9DMA).
• Strong support is seen at 1.8453 (Lower BB) and break below could take the pair towards 1.8430 (23.6%fib).
Recommendation: Good to sell around 1.8530, with stop loss of 1.8600 and target price of 1.8400
