• GBP/AUD declined on Friday as dovish surprise by Bank of England (BoE) on Thursday continued to weigh on the pair.
• Bank of England raised interest rates but warned that the economy was at risk of recession.
• The pair hit daily low at 1.7477, it was last down 0.95% at 1.7564.
• Technical signals are bearish as RSI is at 47, daily momentum studies 5,9,21 DMA are trending south.
• Immediate resistance is located at 1.7775 (38.2%fib ), any close above will push the pair towards 1.7897 (9DMA).
• Strong support is seen at 1.7464 (50%fib) and break below could take the pair towards 1.7410 (Lower BB).
Recommendation: Good to sell around 1.7570 with stop loss of 1.7670 and target price of 1.7450
