• GBP/AUD declined on Monday as Australian dollar was boosted by risk rally & recovery in commodity prices.
• At 18:50 GMT, the pair was down 0.651% to 1.8596, lowest since 25th April .
• Technical signals are bearish as RSI is heading down at 49, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.8689 (38.2%fib), any close above will push the pair towards 1.8719(5DMA)
• Strong support is seen at 11.8561 (24th April low ) and break below could take the pair towards 1.8506(50%fib).
Recommendation: Good to sell on rally around 1.8500, with stop loss of 1.8670 and target price of 1.8430
