• GBP/AUD declined on Wednesday as sterling attracted sellers ahead of BoE meeting .
• Markets expect a 50bp hike Thursday and traders will pay keen attention to the nature to the vote count.
• A close below 1.7318(38.2%fib), would add to pair’s bearish structure, opening the way towards 1.7250 level.
• Technical signals are bearish as RSI is heading down at 35 , daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7417 (5DMA ), any close above will push the pair towards 1.7450(38.2%fib).
• Strong support is seen at 1.7318(38.2%fib) and break below could take the pair towards 1.7281 (Lower BB).
Recommendation: Good to sell around 1.7350 with stop loss of 1.7440 and target price of 1.7250
