• GBP/AUD recovered some ground on Wednesday as the pair was swept up after RBA confirmed plans to tapering, but extended timeline.
• The rallied above 1.8600 level, lift stops after finding resistance at 1.8666 (38.2%fib).
• GBP/AUD bears are likely to take charge and drive the pair towards 1.8600 and possibly key support near 1.8522(23.6%fib).
• Technical are bearish, daily RSI is negative at 42, daily momentum studies 11and 14 DMAs are trending down.
• Immediate resistance is located at 1.8671(38.2%fib ), any close above will push the pair towards 1.8783 (50%fib).
• Strong support is seen at 1.8629(5DMA) and break below could take the pair towards 1.8522(23.6%fib).
Recommendation: Good to sell around 1.8700, with stop loss of 1.8780 and target price of 1.8600
