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FxWirePro: GBP/AUD neutral in the near-term, scope for downward resumption

• GBP/AUD dipped on Tuesday after data showed UK basic pay growth slowed for first time in a year. •Investors will now shift their focus to the UK's spring budget, scheduled for Wednesday. • Choppy overnight action leads…

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• GBP/AUD dipped on Tuesday after data showed UK basic pay growth slowed for first time in a year.

•Investors will now shift their focus to the UK's spring budget, scheduled for Wednesday.

• Choppy overnight action leads to retreat from 1.8329,  pair nears the 1.8161(5DMA ) support.

•Technical signals are mixed as RSI turning lower, daily momentum studies  5, 9 and 11 DMAs are trending up.

• Immediate resistance is located at 1.8319( 23.6%fib), any close above will push the pair towards 1.8404( Higher BB)

• Support is seen at 1.8161(5DMA ) and break below could take the pair towards 1.8107(38.2%fib).

Recommendation: Good to sell   around 1.8210, with stop loss of 1.8300 and target price of 1.8100.

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