FxWirePro: GBP/AUD drifts lower , could be on verge of a bigger drop

• GBP/AUD declined on Wednesday as  higher commodity  prices continued to drive Australian dollar higher .

•Commodity prices have surged following Russia’s invasion of Ukraine and the ensuing Western sanctions.

•The pair is approaching to test 23.6%fib support,a daily close below which will accelerate further towards 1.7500 level.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 27.

• Immediate resistance is located at 1.7779( 38.2%fib), any close above will push the pair towards 1.7875(9DMA).

• Strong support is seen at 1.7613 (23.6%fib) and break below could take the pair towards 1.7498 (Lower BB).

Recommendation: Good to sell around 1.7630, with stop loss of 1.7700 and target price of 1.7540.