• GBP/AUD declined on Tuesday as Australian dollar maintained its upward momentum against the pound, buoyed by gains in commodities and the strengthening Chinese yuan.
• Despite the release of subdued Westpac Consumer Confidence data on Tuesday, the Australian dollar has managed to retain its gains from the previous day.
• At GMT 17:54, the pair was trading up 0.10 percent at 1.9139 after reaching daily high at 1.9179.
• Technical lean bearish, RSI is lower at 36, momentum studies, 5, 10 DMAs falling southwards.
• Immediate resistance is located at 1.9184( Daily high), any close above will push the pair towards 1.9274 (38.%fib).
• Support is seen at 1.9106(23.6%fib) and break below could take the pair towards 1.9061 (Lower BB).
Recommendation: Good to sell around 1.9140, with stop loss of 1.9250 and target price of 1.9070
