FxWirePro: GBP/AUD outlook weaker on renewed downside pressure

• GBP/AUD   declined on Monday, as the pair got caught in a downdraft of selling.

•The pair is  trading below daily trend resistance at 1.9567 and 38.2% fib,A close on the day below 23.6% fib at (1.9179) will open up psychological level at (1.9000).

• Technical signals are bearish as RSI is at 32, momentum studies, 5, 10 & 21 daily moving averages trending lower.

• Immediate resistance is located at 1.9399 ( 5 DMA), any close above will push the pair towards 1.9450 (38.2% fib).

Strong support is seen at 1.9179 (23.6% fib) and break below could take the pair towards 1.9097 (Lower BB).

Recommendation: Good to sell on rallies around 1.9220, with stop loss of 1.9600 and target price of 1.9000.