• GBP/AUD initially declined on Tuesday but recovered some ground as investors geared up for a Fed meeting.
• GBP/AUD last traded at 1.7939, up 0.016% on the day, after briefly falling to 1.7873 earlier.
• Bulls will need a clear 1.8045 (50% fib) to take greater control, failure to break higher could lead to further downside.
• Technical are bearish, daily RSI is negative at 49, daily momentum studies 5 and 9 DMAs are trending down.
• Immediate resistance is located at 1.8056 (38.2%fib ), any close above will push the pair towards 1.8134 (Higher BB).
• Strong support is seen at 1.7862 (Daily low) and break below could take the pair towards 1.7799 (23.6%fib).
Recommendation: Good to sell on around 1.7950, with stop loss of 1.8100 and target price of 1.7880
