• GBP/AUD declined on Friday but traded in tight range as jitters grew ahead of a slate of central bank decisions next week.
• Major central banks including the U.S. Fed and the Bank of England will announce monetary policy decisions next week, with traders betting on a 50-basis-point rate hike from the latter.
• GBP/AUD bears have tightened their grip on this pair,a break, daily close under 1.7389(23.6% fib) could deepen losses.
• Technical signals show the pair could lose more ground in the short-term as RSI is turning sharply lower, daily momentum studies 9, 11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.7489(5DMA),any close above will push the pair towards 1.7632(38.2% fib).
• Immediate support is seen at 1.7389(23.6% fib) and break below could take the pair towards 1.7289(Lower BB )
Recommendation: Good to sell below 1.7430, with stop loss of 1.7530 and target price of 1.7360
