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FxWirePro:GBP/AUD neutral in the near-term, scope for downward resumption

• 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

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