FxWirePro: GBP/AUD likely to break below key fib and trendline

• GBP/AUD declined on Monday, as sterling was shaken after PM Johnson was  admitted to hospital over coronavirus symptoms.

• The pair dropped to test 2. 0132 (Trendline ). A break under  2. 0132 would unmask 2. 0000 Psychological level.

• At GMT 16:53, the pair was trading down 1.26 percent   at 2.0205, after testing trendline support at 2.0132.

• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 42.59.

• On the upside, immediate resistance is located at 2.0280 (62.8% fib ), any close above will push the pair towards 2.0333 (5 DMA).

• On the downside, immediate support is seen at 2. 0132 (Trendline ) and break below could take the pair towards 2.0088 (50% fib ).

Recommendation: Good to around 2.0100, with stop loss of 2.0350 and target price of 1.9900.