• GBP/AUD declined on Thursday after Bank of England kept its stimulus unchanged and left its benchmark interest rate at an all-time low of 0.1%.
• The MPC voted 9-0 votes in favor of leaving the key rate unchanged and leaving its corporate bonds worth £ 20 billion unchanged.
• At GMT 14:35, the pair was trading down 0.41 percent at 1.8346 after reaching daily low at 1.8330.
• The is pair heading towards the 50%fib support, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI has sharply turned down, daily momentum studies 5 and 10 DMAs are trending down.
• Immediate resistance is located at 1.8394 (9 DMA ), any close above will push the pair towards 1.8412 (38.2% fib).
• Strong support is seen at 1.8319 (38.2%fib) and break below could take the pair towards 1.8228 (61.8%fib).
Recommendation: Good to sell on around 1.8370, with stop loss of 1.8500 and target price of 1.8260
