• GBP/AUD declined on Monday as resurgent risk appetite pushed the cross pair lower.
• At GMT 17:02, the pair was trading down 0.77 percent at 1.7920.
• The pair is currently approaching support at 1.7799( 50% fib). Support at 1.7799 is likely to limit further downside in the pair.
• Technical lean bullish, RSI is bullish at 54, momentum studies, 9, 11 DMAs are trending up.
• Immediate resistance is located at 1.7942 ( 38.2% fib), any close above will push the pair towards 1.8081 (Daily high)
• Support is seen at 1.7799( 50% fib)and break below could take the pair towards 1.7640 (61.8% fib).
Recommendation: Good to buy around 1.7900, with stop loss of 1.7800 and target price of 1.8000.
