• GBP/AUD declined on Wednesday as Australian dollar was lifted by gains in equity and bounce in copper prices.
• The is pair heading towards the 50%fib, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 47, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.8955 (38.2%fib ), any close above will push the pair towards 1.8990 (11DMA).
• Strong support is seen at 1.8830 (50%fib) and break below could take the pair towards 1.8724 (Lower BB).
Recommendation: Good to sell on around 1.8850, with stop loss of 1.8950 and target price of 1.8760
