• GBP/AUD declined on Wednesday as shifting rate expectations and Brexit-related problems weighed on pound.
• Britain and the European Union looked far from finding a post-Brexit agreement trade on Northern Ireland, while Bank of England interest rate raise bets ebbed.
• The pair is heading towards 23.6% fib support, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 44, daily momentum studies 9 and 10 DMAs are trending down.
•Immediate resistance is located at 1.8336 (38.2% fib), any close above will push the pair towards 1.8441 (50% fib).
•Strong support is seen at 1.8272 (11DMA) and break below could take the pair towards 1.8202 (23.6% fib).
Recommendation: Good to sell on around 1.8300, with stop loss of 1.8450 and target price of 1.8220
