ANZ Research likes selling GBP/AUD on rallies in the near-term.

"GBP crosses are more compelling, from a tactical perspective. In particular, GBP/AUD at 1.87 is attracting attention. The pair has remained in a well-defined downtrend over the past year. The rebound seen in March increasingly appears corrective rather than the start of a sustained reversal, especially as the pair continues to trade below its 50-, 100- and 200-day moving averages. Upside moves are losing momentum near resistance levels, keeping the broader bearish structure intact," ANZ notes.

"Technically, the bearish trend remains, unless GBP/AUD is able to sustain a break above the 1.90–1.91 resistance. Until then, we view short-term recoveries as opportunities to re-enter short positions, with scope for a retest towards the 1.85 region, which was last seen in June 2023 over the medium term and is our Q2 end forecast for the pair," ANZ adds.