• GBP/AUD initially declined on Wednesday but recovered most of the ground as lack of fresh economic data from UK kept cross pair in consolidation mode.
• At GMT 20:03, the pair was trading down 0.01 percent at 1.8239 after reaching daily low at 1.8165.
• Bearish momentum is likely to pick up with a move below 38.2% fib, which would target support at the lower BB at 1.7933 and then 23.6% fib at 1.7830.
• Immediate resistance is located at 1.8283 (23.6%fib ), any close above will push the pair towards 1.8335 (24th May high).
•Immediate support is seen at 1.8170 (38.2%fib ) and break below could take the pair towards 1.8083 (50% fib).
Recommendation: Good to sell around 1.8240, with stop loss of 1.8350 and target price of 1.8160.
