• GBP/AUD dipped on Thursday as sterling was weighed down by dovish BoE signals.
• Bank of England Governor Andrew Bailey on Wednesday raised the prospect that the central bank might not need to raise interest rates again.
• A close below 1.1375, the 50%fib, will add to pair’s bearish structure, opening the way for a test of 1.7679(11DMA ).
• GBP/AUD chart has taken a turn for the worse after Tuesday's large drop.Overall risk growing for a bigger drop towards1.7650.
• Immediate resistance is located at 1.7822(50%fib),any close above will push the pair towards 1.7853 (Jan 3rd high ).
• Immediate support is seen at 1.7723(38.2% fib) and break below could take the pair towards 1.7679(11DMA )
Recommendation: Good to sell below 1.7770, with stop loss of 1.7890 and target price of 1.7670
