• GBP/AUD strengthened on Thursday as broad Australian dollar weakness helped the pound shrug off UK negative rates speculation.
• At GMT 16:37, the pair was trading 0.13% higher at 1.7459, slightly higher from daily low .
• GBP/AUD remains vulnerable, only a break and daily close above 1.7548 (50% fib) will shift bias to the upside.
• Technical signals are bearish as RSI is at 30, daily momentum studies 5,9,21 DMA are trending south.
• On the upside, Immediate resistance is located at 1.7491 (38.2%fib ), any close above will push the pair towards 1.7543 (38.2%fib).
• On the downside, strong support is seen at 1.7414(23.6%fib) and break below could take the pair towards 1.7400(Psychological level).
Recommendation: Good to sell around 1.7480 with stop loss of 1.7548 and target price of 1.7380.
