• GBP/AUD declined on Monday as optimism over economies opening up again boosted demand for riskier currencies like Australian dollar.
• The is pair heading towards the lower bollinger band, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 26, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.8537 (9 DMA ), any close above will push the pair towards 1.8665 (23.6% fib).
• Strong support is seen at 1.8336 (Daily low) and break below could take the pair towards 1.8259 (Lower BB).
Recommendation: Good to sell on around 1.8380, with stop loss of 1.8650 and target price of 1.9250
