• GBP/AUD recovered some ground on Monday but gains were limited as investors looked to what the Bank of England might signal at its next policy meeting
• The BoE will make its next policy announcement on Dec 14, with markets almost unanimously betting on no change.
• Pair traded in 1.9043/1.8970 range ,a close below 38.2%fib, push the piar towards 1.8900 level.
• Technical signals are bearish as RSI is at 49, daily momentum studies 5,9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9102 ( 11DMA), any close above will push the pair towards 1.9126 (50%fib)
• Strong support is seen at 1.9048 (38.2%fib ) and break below could take the pair towards 1.8956 23.6%fib).
Recommendation: Good to sell around 1.9100, with stop loss of 1.9180 and target price of 1.9020
