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FxWirePro: GBP/AUD outlook weaker on renewed downside pressure


• GBP/AUD declined on Friday as dovish surprise by Bank of England (BoE) on Thursday continued to weigh on the pair.

• Bank of England raised interest rates   but warned that the economy was at risk of recession.

• The pair hit daily low at 1.7477,   it was last down 0.95% at 1.7564.

• Technical signals are bearish as RSI is at 47, daily momentum studies  5,9,21 DMA are trending south. 

• Immediate resistance is located at 1.7775 (38.2%fib ), any close above will push the pair towards 1.7897  (9DMA).

• Strong support is seen at 1.7464 (50%fib) and break below could take the pair towards 1.7410 (Lower BB).

Recommendation: Good to sell around 1.7570 with stop loss of 1.7670 and target price of 1.7450

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