• GBP/AUD initially gained but gave up ground on Tuesday as expectation that the Bank of England would not raise interest rates further kept bearish pressure on the pair.
•Pair traded in 1.9153/1.9047range and was last trading up 0.19 % at 1.9119 in US afternoon.
•The pair is holding near today's high, but repeated failures to push above 50%fib resistence is discouraging longs.
• Technical signals are bearish as RSI is at 45, daily momentum studies 5, 9 and 10 DMAs are trending south.
•Immediate resistance is located at 1.9181(50%fib), any close above will push the pair towards 1.9238 (Oct 8th high)
•Strong support is seen at 1.9047 (38.2%fib) and break below could take the pair towards 1.8968 (Sep 27th low).
Recommendation: Good to sell around 1.9130 , with stop loss of 1.9250 and target price of 1.9050
