FxWirePro: GBP/AUD capped by 38.2%fib, good to sell on rally

• GBP/ AUD recovered some ground but gains were limited   as investors awaited remarks from a range of Bank of England speakers this week.

• The UK’s Monetary Policy Report Hearings on Tuesday will indeed be a key event for market watchers.

• GBP/ AUD traded in  range 1.9920-1.9830, the pair was last trading down 0.02 percent   at  1.9866.

• Technical signals show the pair could lose more ground in the short-term as RSI has turned lower.

• Immediate resistance is located at 1.9911 (38.2%fib), any close above will push the pair towards 2.0063(23.6%fib ).

• Immediate support is seen at 1.9779(50%fib) and break below could take the pair towards 1.9656 (61.8%fib).

Recommendation: Good to sell  around 1.9880, with stop loss of 1.9960 and target price of 1.9800