• GBP/AUD initially recovered some ground on Tuesday but gave up ground as a fast-spreading new coronavirus weighed on sterling.
• GBP/AUD found a slight bid at 1.7668 (Daily low) ,its recovery was nothing to excite markets, progressing only as far as 1.7834.
• GBP/AUD remains vulnerable, only a break and daily close above 1.7931 (61.8 %fib) will shift bias to the upside.
• Technical are bearish, daily RSI is negative at 49, daily momentum studies 11and 14 DMAs are trending down.
• Immediate resistance is located at 1.7775 (5DMA ), any close above will push the pair towards 1.7834 (50%fib).
• Strong support is seen at 1.7668 (Daily low) and break below could take the pair towards 1.7605(23.6%fib).
Recommendation: Good to sell around 1.7750 with stop loss of 1.7900 and target price of 1.7660
