• GBP/AUD initially gained on Thursday but rally faded as Fed-BoE rate divergence and war in Ukraine weighed on pound.
• GBP/AUD rally stalled below 38.2%fib resistance .Failures to close above 38.2%fib has added to bearish structure.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 30,while moving averages and MACD are trending lower .
• Immediate resistance is located at 1.7588 ( 38.2%fib), any close above will push the pair towards 1.7768(14DMA).
• Immediate support is seen at 1.7414(38.2%fib) and break below could take the pair towards 1.7313 (23.6%fib).
Recommendation: Good to buy around 1.7550, with stop loss of 1.7650 and target price of 1.7470
