• 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.
