FxWirePro: GBP/AUD range to extend until there is game changing news

• GBP/AUD declined on Wednesday as higher commodity prices and increased risk sentiment supported Australian dollar against pound.

• Risk appetite was  boosted broadly after Western governments   sanctioned Russia for hostilities toward Ukraine.

•The pair hit daily low at 1.8674 and recovered towards 1.8751 , a daily close below   will accelerate towards 1.8600 level.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 40.

• Immediate resistance is located at 1.8765 (38.2% fib), any close above will push the pair towards 1.8820( 5DMA).

• Strong support is seen at 1.8674 (23.6% fib ) and break below could take the pair towards 1.8582 (Jan 3rd low).

Recommendation: Good to sell around 1.8750, with stop loss of 1.8900 and target price of 1.8650.