• GBP/AUD held near recent lows on Thursday as investors were concerned about gloomy British economy.
• Investors were concerned about slowing growth in the British economy as inflation soars into double digits.
• The pair hit daily low at 1.6907, but recovered back to 1.6692.
• Technical signals are bearish as RSI is at 39, daily momentum studies 5,9,21 DMA are trending down.
• Immediate resistance is located at 1.7001 (5DMA ), any close above will push the pair towards 1.7116 (38.2%fib).
• Strong support is seen at 1.6903 (23.6%fib) and break below could take the pair towards 1.6861 (Lower BBb).
Recommendation: Good to sell around 1.7010 with stop loss of 1.7130 and target price of 1.6900
