• GBP/AUD declined on Monday as investors awaited key UK economic data and BoE speeches this week
• December GDP figures will be key to determining if the UK economy returned to growth, with UK gilt yields and sovereign CDS spreads also could influence GBP sentiment.
• GBP/AUD is approaching 38.2%fib support, break lower risks run towards 1.9650level.
• Technical are bearish, daily RSI is turning negative at 40 , daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9856(38.2%fib ), any close above will push the pair towards 1.9958(Feb 7th high).
• Strong support is seen at 1.9678(50%fib ), and break below could take the pair towards 1.9403(61.8%fib).
Recommendation: Good to sell on around 1.9800 with stop loss of 1.9950 and target price of 1.9650
