• 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.
