FxWirePro: GBP/AUD edges higher but outlook still bearish

• GBP/AUD retreated from daily high on Monday as  investors cautious ahead of  Reserve Bank of Australia (RBA) policy  meeting on Tuesday.

• Australia's central bank, the Reserve Bank of Australia (RBA), will keep its key policy rate at 4.35% for the fourth consecutive meeting on Tuesday

• Market participants and analysts will likely pay close attention to the RBA's accompanying statement for any indications about the bank's future policy stance.

• GBP /AUD traded as high as 1.8989 before retreating slightly to trade at 1.8968.

 Technical signals are bearish  as RSI is at 37, daily momentum studies  5, 9 and 14 DMAs are trending south. 

• Immediate resistance is located at 1.8992(Daily high ), any close above will push the pair towards 1.9066 (38.2% fib).

• Strong support is seen at 1.8935 (23.6% fib) and break below could take the pair towards 1.8909 (Lower BB).

Recommendation: Good to sell around 1.8980, with stop loss of 1.9100 and target price of 1.8900