• GBP/AUD declined on Thursday as global recession fears weighed on the pair.
• Worries over a looming global recession preoccupied investors on the penultimate trading day of 2022 .
• The is pair heading towards the 38.2%fib, as near term direction of the pair is likely to be driven by current price action.
• Technical signals are bearish as RSI is heading down at 41 , daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7868(5DMA), any close above will push the pair towards 1.7944 (50%fib).
• Strong support is seen at 1.7770(38.2%fib) and break below could take the pair towards 1.7691 (Lower BB).
Recommendation: Good to sell on around 1.7800 with stop loss of 1.7900 and target price of 1.7720
