• GBP/AUD recovered some ground on Tuesday as Australian dollar ran out of steam after dovish RBA statement.
• The Reserve Bank of Australia (RBA) stuck with its 2-3% inflation target and kept interest rates steady at 0.25% after a monthly policy meeting on Tuesday.
• The rallied above 1.8250 level, lift stops after finding resistance at 1.8264 (Ichimoku Cloud Top).
• GBP/AUD remains vulnerable, only a close back above 1.8264 (Ichimoku Cloud Top), will upset the bearish order.
• Immediate resistance is located at 1.8179 (50% fib ), any close above will push the pair towards 1.8264 (Ichimoku Cloud Top).
• Strong support is seen at 1.8155 (50 DMA) and break below could take the pair towards 1.8070 (38.2%fib).
Recommendation: Good to sell on around 1.8160, with stop loss of 1.8280 and target price of 1.8000
