• GBP/AUD declined on Monday as higher commodity prices and signs of hawkish RBA benefited Australian dollar against British pound.
• Oil jumped over 3% as the release of strategic reserves by consuming nations failed to eliminate supply fears arising from Russia's invasion of Ukraine.
• The pair is testing 23.6%fib support, break below will accelerate further down trend.
• Technical are bearish, daily RSI is negative at 26, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7523 (38.2%fib ), any close above will push the pair towards 1.7621 (14DMA).
• Strong support is seen at 1.7360(23.6%fib ), and break below could take the pair towards 1.7256 (Lower BB).
Recommendation: Good to sell on around 1.7380, with stop loss of 1.7480 and target price of 1.7300
