• GBP/AUD dipped on Monday after a survey showed Britain's private sector growing at its slowest pace in six months in July.
•The S&P Global/CIPS composite Purchasing Managers' Index showed a preliminary reading of 50.7, down from 52.8 in June in the biggest month-on-month drop in 11 months.
•The pair inability to hold gains above 38.2% fib resistance, may increases the likelihood of a drop towards1.9150 level.
• Technicals are favouring bearish sentiment as RSI is at 49 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 1.9047 (5DMA), any close above will push the pair towards 1.9144(38.2%fib)
• Strong support is seen at 1.8979 (38.2% fib)and break below could take the pair towards 1.89334 (Lower BB).
Recommendation: Good to sell around 1.9050, with stop loss of 1.9150 and target price of 1.8950
