FxWirePro: GBP/ AUD capped 5DMA, good to sell on rallies

• GBP/ AUD dipped below 1.9100 level on Monday  as weaker outlook in the UK combined with the resilience of the U.S. economy weighed on sterling.

•Investors see little chance of another BoE rate hike at the next policy meeting in November, but they are pencilling in one more rate increase in 2024.

• GBP/USD bears maintain control below,, a break below  23.6%fib support  will accelerate losses.

• Immediate resistance is located at 1.9127  (5DMA), any close above will push the pair towards 1.9198 (50%fib).
 

• Strong support is seen at 1.9050 (38.2%fib) and break below could take the pair towards 1.9000 (Psychological level )

Recommendation: Good to sell around 1.9100  with stop loss of 1.9190  and target price of 1.9000