FxWirePro: GBP/AUD bulls back away from 1.7500 ahead of RBA’s interest rate decision, good to sell on rally

• GBP/AUD eased  from 1.9100 level on Monday as  investors attention tuned  RBA’s interest rate decision.

• Australia's central bank will likely raise its key policy rate by 25 basis points to 4.35% on Tuesday after keeping borrowing costs steady at its last four meetings, as inflation proves surprisingly strong,

• The pair pulled back after failing to break  resistance at 38.2% fib, it was last trading at 1.9020.

• Technical signals are bearish as RSI at 45, daily momentum studies  21, 30 and 50 DMA’s are trending down. 

• Immediate resistance is located at 1.9100 (38.2% fib), any close above will push the pair towards 1.9187 (50% fib).

• Immediate support is seen at 1.8955(23.6% fib) and break below could take the pair towards 1.8928(Nov 3rd low).

 Recommendation: Good to sell  around 1.9050 , with stop loss of 1.9150 and target price of 1.8940.