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FxWirePro:GBP/AUD edges higher but outlook still bearish

• GBP/AUD recovered some ground on Thursday as investors assessed BOE rate hike bets. 

• The market awaits a potential BOE hike next week , with 15 bps rate hike to 0.25% expected.

• The pair recovered above 1.8300 level, after finding support at 1.8257 (23.6%fib).

• GBP/AUD remains vulnerable, only a break and daily close above 1.8451(38.2% fib) will shift bias to the upside.

• Technical are bearish, daily RSI is negative at 33, daily momentum studies  5,11 and 14 DMAs are trending down. 

• Immediate resistance is located at 1.8364 (38.2%fib ), any close above will push the pair towards 1.8390(11DMA).

• Strong support is seen at 1.8257 (23.6%fib) and break below could take the pair towards 1.8219(Lower BB).

Recommendation: Good to sell   around 1.8330, with stop loss of 1.8420 and target price of 1.8250
 

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