• GBP/AUD declined on Wednesday as Australian dollar was as aided by rise in risk appetite.
• GBP/AUD drops swiftly from 1.7869 to 1.7774 support. Break lower risks run towards 1.7663 (Oct 21st low)
• Technical signals are bearish as RSI is heading down at 42 , daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7921 (5DMA ), any close above will push the pair towards 1.7972 (38.2%fib).
• Strong support is seen at 1.7759 (23.6%fib) and break below could take the pair towards 1.7663 (Oct 21st low).
Recommendation: Good to sell on around 1.7850 with stop loss of 1.7920 and target price of 1.7750
