• GBP /AUD strengthened on Wednesday as the pair was buoyed by rebounding risk appetite, but the remained vulnerable near recent trend low.
• GBP /AUD remains only marginally above 2022 low at 1.7722, hinting that bears are reluctant to reverse recent weakness.
• The pair hit daily high at 1.8046 and was last trading at 1.8011.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 53 bullish, and lower bollinger band is turning up.
• Immediate resistance is located at 1.8024 (38.2% fib), any close above will push the pair towards 1.8127 (50% fib).
• Immediate support is seen at 1.7889 (23.6% fib) and break below could take the pair towards 1.7765 (Lower BB).
Recommendation: Good to sell around 1.8006, with stop loss of 1.8140 and target price of 1.7750.
