• GBP/AUD declined on Thursday as higher commodity prices and increased risk appetite in the market boosted Australian dollar.
•The pair reaches 1.7527 after extending south from 1.7659 (Daily high). 1.7527 is the lowest level since 1st Jan.
• Technical signals show the pair could lose more ground in the short-term as RSI is trending down at 27 lower, daily momentum studies 9, 11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.7617(5DMA),any close above will push the pair towards 1.7773 (38.2%fib ).
• Immediate support is seen at 1.7527(Daily low) and break below could take the pair towards 1.7431 (Lower BB).
Recommendation: Good to sell below 1.7570, with stop loss of 1.7670 and target price of 1.7500
