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FxWirePro: GBP/AUD shorts maintain the advantage after the ECB and Fed meetings

• GBP/AUD declined on Wednesday as gains in equity and  copper and increased risk sentiment boosting Australian dollar.

• Investors awaited Bank of England's rate decision on Thursday. The Bank of England will likely raise interest rates on Thursday by 25 basis points to 1.25%

• The pair dropped to test 23.8% fib. A break under  23.8% fib would unmask 1. 7250 level.

• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 43.

• Immediate resistance is located at 1. 7430(38.2% fib), any close above will push the pair towards 1. 7573 (5 DMA).

• Immediate support is seen at 1. 7344 (23.8% fib ) and break below could take the pair towards 1. 7244 (Lower BB ).

Recommendation: Good to around 1.7380, with stop loss of  1.7470 and target price of 1.7300.

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