• GBP/AUD initially gained on Monday but gave up ground as last weeks dovish tone that accompanied the BoE's latest 25bp rate hike kept bearish pressure on the pair.
• Investors attention shifts key drivers for the currency, including inflation data, a panel discussion from BoE Governor Andrew Bailey and finance minister Rishi Sunak's spring statement.
• Technicals are favouring bearish sentiment as RSI is at 29 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 1.7913 (38.2%fib ), any close above will push the pair towards 1.7980 (14DMA).
• Immediate support is seen at 1.7752 (23.6%fib ), break below could take the pair towards 1.7703 (1st Jul 20 low).
Recommendation: Good to sell around 1.7790 with stop loss of 1.7980 and target price of 1.7700
