• GBP/AUD fell on Monday as Australian dollar was bolstered by China’s economic stimulus measures and higher iron prices.
• Risk sentiment had flourished this month after the U.S. Federal Reserve eased its monetary policy, while a slew of stimulus measures announced by top-commodity consumer China gave a leg up to.
• On the data front, Britain's economy grew more slowly than previously thought in the second quarter.
• Technical are bearish, daily RSI is negative at 40, daily momentum studies 11and 14 DMAs are trending down.
• Immediate resistance is located at 1.9395(50%fib ), any close above will push the pair towards 1.9510 (61.8%fib).
• Strong support is seen at 1.9285(38.2%fib) and break below could take the pair towards 1.9175 (Jul 16th low).
Recommendation: Good to sell around 1.9350 , with stop loss of 1.9400 and target price of 1.9300
