• GBP/AUD recovered some ground on Thursday as investors assessed BOE rate hike bets.
• The market awaits a potential BOE hike next week , with 15 bps rate hike to 0.25% expected.
• The pair recovered above 1.8300 level, after finding support at 1.8257 (23.6%fib).
• GBP/AUD remains vulnerable, only a break and daily close above 1.8451(38.2% fib) will shift bias to the upside.
• Technical are bearish, daily RSI is negative at 33, daily momentum studies 5,11 and 14 DMAs are trending down.
• Immediate resistance is located at 1.8364 (38.2%fib ), any close above will push the pair towards 1.8390(11DMA).
• Strong support is seen at 1.8257 (23.6%fib) and break below could take the pair towards 1.8219(Lower BB).
Recommendation: Good to sell around 1.8330, with stop loss of 1.8420 and target price of 1.8250
