• GBP/AUD declined on Tuesday as traders awaited news on British Prime Minister Boris Johnson’s health condition as he battles COVID-19 symptoms.
•The pair failed to breach a key 38.2% fib retracement at 1.9843 as the pair was severely oversold.
• Selling pressure will remain in the short-term, only a move above 2.0140 ( 61.8 % fib) strong resistance would indicate the weakness in the pair has run out.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 47.85.
• On the upside, Immediate resistance is located at 1.9991( 50%fib), any close above will push the pair towards 2.0140 ( 61.8 % fib).
• On the downside, strong support is seen at 1.9843 (38.2% fib ) and break below could take the pair towards 1.9659 (23.6% fib).
Recommendation: Good to sell around 1.20000, with stop loss of 2.0140 and target price of 1.9600.
