• GBP/AUD declined on Monday as hawkish RBA expectation and rally in gold , silver & oil prices boosted Australian dollar.
• Spot gold rose 1.9% to $5,056.21 per ounce, extending Friday’s 4% rally, while spot silver jumped 6.3% to $82.86 after a near 10% surge in the previous session and remains below its January 29 record high of $121.64.
• GBP/AUD is approaching 23.6%fib support, break lower risks run towards 1.9250 level.
• Technical are bearish, daily RSI is negative at 22 , daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9397(Daily high ), any close above will push the pair towards 1.9549(38.2%fib).
• Strong support is seen at 1.9289 (23.6%fib ), and break below could take the pair towards 1.9246 (Lower BB).
Recommendation: Good to sell on around 1.9300 with stop loss of 1.9370 and target price of 1.9250
