• GBP/AUD declined on Tuesday as policy divergence, reduced UK growth expectations brought pressure back to sterling.
• The is pair heading towards the lower 38.2%fib, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 45, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7621 (5DMA), any close above will push the pair towards 1.7641 (50%fib).
• Strong support is seen at 1.7502 (38.2%fib ), and break below could take the pair towards 1.7433(Lower BB).
Recommendation: Good to sell on around 1.7560, with stop loss of 1.7660 and target price of 1.7490
