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FxWirePro:GBP/AUD strongly bearish despite upside attempts


• GBP/AUD initially dipped sharply on Thursday on dovish BoE  but broad Australian dollar weakness helped the recover most of the ground.

• Bank of England raised interest rates to their highest since 2009 but warned that the economy was at risk of recession.

• The pair hit daily low at 1.7167, but recovered back , it was last down 0.02% at 1.7362.

• Technical signals are bearish as RSI is at 65, daily momentum studies  5,9,21 DMA are trending north. 

• Immediate resistance is located at 1.7503 (50%fib ), any close above will push the pair towards 1.7574  (21DMA).

• Strong support is seen at 1.7354 (38.2%fib) and break below could take the pair towards 1.7183 (23.6%fib).

Recommendation: Good to sell around 1.7370 with stop loss of 1.7500 and target price of 1.7260.
 

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