• GBP/AUD recovered some ground Wednesday as the pair recovery was aided by unwinding of recent shorts positon by traders.
• The rallied above 1.8050 level, lift stops after finding resistance at 1.8151 (9 DMA ).
• GBP/AUD bulls' failure to hold gains above the falling 9-day moving average indicate potential for more down trend.
• Technical are bearish, daily RSI is negative at 34, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.8151 (9 DMA ), any close above will push the pair towards 1.8283(23.6% fib).
• Strong support is seen at 1.8000 (Daily low) and break below could take the pair towards 1.7948 (Lower BB).
Recommendation: Good to sell on around 1.8150, with stop loss of 1.8300 and target price of 1.8050
