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• GBP /AUD declined on Wednesday as investors dumped sterling in the face of a bleak economic outlook.
• Sterling has been hit hard by surging inflation, a looming recession and concerns that tax cuts and increased public spending under a new government.
• The pair hit daily high at 1.7001 and was last trading at 1.7044 .
• Technical signals are bearish as RSI is at 46, daily momentum studies 9, 11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.7117(38.2% fib), any close above will push the pair towards 1.716630DMA).
• Immediate support is seen at 1.7001 (5DMA) and break below could take the pair towards 1.6910 (23.6%fib).
Recommendation: Good to buy on dips around 1.7050, with stop loss of 1.7150 and target price of 1.6980.
