• GBP/AUD declined on Thursday as slowing pace of the covid vaccinations in the UK continued to weigh on the pair.
• The is pair heading towards the Ichimoku cloud top, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 46, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.8078(9 DMA ), any close above will push the pair towards 1.8131 (23.6% fib).
• Strong support is seen at 1.1739 (38.2%fib) and break below could take the pair towards 1.7896 (Ichimoku cloud top).
Recommendation: Good to sell on around 1.7950, with stop loss of 1.8100 and target price of 1.7890
