FxWirePro: GBP/AUD changes short term trend from bullish to bearish

• GBP/AUD declined on Monday   as buoyant sentiment in equity and commodity markets offset worries over rising COVID-19 infections boosting Australian dollar.

• The pair hit daily low at 1.9021, it was last down 0.18% at GMT 17:20.

•The pair is approaching 1.9015(38.2% fib ), a daily close below which will accelerate towards 1.8900 level

 • Technical signals are bearish as RSI is turming lower, daily momentum studies  5,9 and 10 DMAs are in bearish alignment.

• Immediate resistance is located at 1.9063( 9DMA), any close above will push the pair towards 1.9128( 23.6 % fib).

• Strong support is seen at 1.9015(38.2% fib ) and break below could take the pair towards 1.8982(Lower BB).

Recommendation: Good to sell around 1.9030, with stop loss of 1.8200 and target price of 1.7900.