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FxWirePro: GBP/AUD reverses recent rally, bias back to downside

• GBP/AUD declined after initially gaining on Monday as discovery of the Omicron coronavirus variant prompted investors to dump pound.

• GBP/AUD  fell to an daily  low  after rallying into positive territory.Today's rally above stalled at 1.8731 as sellers emerged.

•   Technical signals are bearish as RSI is overbought and  struggling to confirm gains.

• Immediate resistance is located at 1.8749 (23.6% ), any close above will push the pair towards 1.8800(Psychological level).

• Immediate support is seen at 1.8622 (38.2%fib ) and break below could take the pair towards 1.8515 (50%fib).

Recommendation: Good to sell around 1.8630 with stop loss of 1.8750 and target price of 1.8570.

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