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• GBP/AUD declined on Wednesday as Australian dollar gained on bigger-than-expected rate increase and higher commodity prices.
• Oil prices rose about 5% as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil.
• GBP/AUD dipped on these influences, hit daily low at 0.7133 .Focus now shifts to Thursday's BoE MPC meeting.
• Technical signals show RSI is at 38 bearish , daily momentum studies 9, 10 and 11 DMAs are trending southewards.
• Immediate resistance is located at 1.7578(38.2% fib), any close above will push the pair towards 1.7620 (14DMA).
• Immediate support is seen at 1.7366 (23.6% fib) and break below could take the pair towards 1.7324 (Lower BB).
Recommendation: Good to sell around 1.7400, with stop loss of 1.7510 and target price of 1.7320.
