• GBP/AUD recovered some ground on Monday but gains were limited as investors awaited key economic data and the Bank of England's rate cut decision.
• Investors held back from making big bets this week ahead of consumer price index (CPI) figures due on Wednesday and the Bank of England's next monetary policy meeting on Thursday..
• GBP/AUD remains vulnerable, only a break and daily close above 1.9388(50%fib) will shift bias to the upside.
• Technical are bearish, daily RSI is negative at 49, daily momentum studies 14 and 21 DMAs are trending down.
• Immediate resistance is located at 1.9231 (38.2%fib), any close above will push the pair towards 1.9388(50%fib).
• Strong support is seen at 1.9147 (Daily low) and break below could take the pair towards 1.9099(Lower BB).
Recommendation: Good to sell on around 1.9210, with stop loss of 1.9280 target price of 1.9150
