• GBP/AUD initially gained on Wednesday but rally fizzled as markets awaited the conclusion of a Fed meeting.
• GBP/AUD hits daily high at 1.6647 but reverses course to trade at 1.6574 in afternoon US session.
• GBP/AUD remains bearish only a break and daily close above 1.8101 will shift bias to the downside.
• Technical lean bearish, RSI is at 48, momentum studies, 5, 10 DMAs are trending southwards.
• Immediate resistance is located at 1.8013 ( 38.2%fib), any close above will push the pair towards 1.8101 (Higher BB).
• Support is seen at 1.7901(30 DMA) and break below could take the pair towards 1.7832 (50%fib).
Recommendation: Good to sell around 1.7930, with stop loss of 1.8040 and target price of 1.7870.
