FxWirePro: GBPAUD capped by the 11 DMA, good to sell on rallies

• GBP/AUD recovered some ground on Tuesday as Australian dollar ran out of steam, as a weeks-long risk rally hit turbulence.

• The pair rallied above 1.8200 level, lift stops after finding resistance at 1.8324 (11 DMA).

• Bullish momentum is increasing but daily moving averages still indicate further drop.

• GBP/AUD remains vulnerable, only a close back above  38.2 % fib at 1.8643, could upset the bearish order.

• Immediate resistance is located at 1.8324 (11 DMA ), any close above will push the pair towards 1.8452 (23.6% fib).

• Strong support is seen at 1.8186 (23.6% fib) and break below could take the pair towards 1.8000(Psychological level).

Recommendation: Good to sell on  around 1.8350, with stop loss of 1.8650 and target price of 1.8000