• GBP/AUD strengthened on Wednesday as GBP benefited from weaker Australian dollar
• Australian dollar drop was aided by US$ buying and lower oil prices as Investors leaned towards aggressive rate hikes from the Fed .
• GBP/AUD remains vulnerable, bulls need a close above 1.7649(50%fib) to shift the bias higher.
• Technical are bearish, daily RSI is negative at 26, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7436 (38.2%fib), any close above will push the pair towards 1.7506 (14DMA).
• Strong support is seen at 1.7179 (23.6%fib) and break below could take the pair towards 1.7024 (Lower BB).
Recommendation: Good to seii around 1.7400, with stop loss of 1.7500 and target price of 1.7320
