• GBP/AUD declined on Monday as Australian dollar strengthened across the board ahead of RBA rate decision.
• The Reserve Bank of Australia (RBA) meets on Tuesday, 4 April. Consensus is looking for a pause.
•The pair reaches 1.8251 after extending south from 1.84590 (Daily high). 1.8930 is the lowest level since 23rd March.
• Technical signals show the pair could lose more ground in the short-term as RSI is turning sharply lower, daily momentum studies 9, 11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.8375(5DMA),any close above will push the pair towards 1.8446(23.6%fib).
• Immediate support is seen at 1.8270(38.2%fib) and break below could take the pair towards 1.8081(50%fib ).
Recommendation: Good to sell below 1.8300, with stop loss of 1.8410 and target price of 1.8220
