• GBP/AUD declined on Thursday as the pair attracted sellers after Bank of England rate decision.
• The BoE left borrowing costs unchanged at 5.25% and published forecasts which showed the British economy was likely to skirt close to a recession and flat-line in the coming years.
• GBP/AUD last traded at 1.8977, down 0.15% on the day, after briefly falling to 1.8900 earlier, its weakest 29th September.
• Technical are bearish, daily RSI is negative at 39, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9067 (38.2%fib ), any close above will push the pair towards 1.9137(9DMA).
• Strong support is seen at 1.8899 (23.6%fib) and break below could take the pair towards 1.8861 (29th Sep high).
Recommendation: Good to sell on around 1.9000, with stop loss of 1.91000 and target price of 1.8900
