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FxWirePro: GBP/AUD strongly bearish despite upside attempts

• 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

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