• GBP/AUD dipped on Tuesday as higher oil prices and increased risk appetite boosted Australian dollar .
• Range trading likely to be range bound as market was more focussed on upcoming Powell speech on Wednesday.
• The pairs fall below 1.7900 level has increased the growing bearish strength, putting focus on support at 1.7823 (50% fib).
• Technicals are favouring bearish sentiment as RSI is heading down and the pair is trading below 9,14 & 21-DMAs.
• Immediate resistance is located at 1.7907 (9DMA), any close above will push the pair towards 1.8023(Higher BB)
• Strong support is seen at 1.7823 (50% fib)and break below could take the pair towards 1.7723 (Nov 18th low).
Recommendation: Good to sell around 1.7900, with stop loss of 1.7980 and target price of 1.7840