• GBP/AUD declined on Tuesday as higher commodity prices and increased risk appetite in the market boosted Australian dollar.
• Copper prices rose on Tuesday after data showed expanding factory activity in Europe, Japan
•The pair reaches 1.8930 after extending south from 1.9100 (Daily high). 1.8930 is the lowest level since 27th Jan.
• 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 1.9039(38.2%fib),any close above will push the pair towards 1.9100(Daily high ).
• Immediate support is seen at 1.8936(50% fib) and break below could take the pair towards 1.8830(61.8%fib )
Recommendation: Good to sell around 1.8960, with stop loss of 1.9100 and target price of 1.8870
