• GBP/AUD declined on Friday as dovish comments from Bank of England's following rate hike on Thursday continued to weigh on pound .
• Bank of England increased its interest rate for the third consecutive meeting on Thursday but softened its language over future tightening plans.
• The is pair heading towards the 1.7700 level, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 29, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7916 (38.2%fib), any close above will push the pair towards 1.7970 (5DMA).
• Strong support is seen at 1.7748 (23.6%fib) and break below could take the pair towards 1.7694 (July 1st 2020 low).
Recommendation: Good to sell on around 1.7770, with stop loss of 1.7975 and target price of 1.7700
