• GBP/AUD declined on Monday as weak UK business activity readings and stronger Australian dollar weighed on the pair.
• British businesses reported a slowdown in growth this month, potentially encouraging the Bank of England (BoE) to consider cutting rates again.
• The preliminary estimate of the UK S&P Global Composite Purchasing Managers' Index (PMI) fell to 52.9 in September, below economists' forecast of 53.5 .
• A close below 50% fib, will likely trigger a new bearish phase with potential for 1.9400 level.
• Immediate resistance is located at 1.9628(38.2% fib), any close above will push the pair towards 1.9696(Higher BB).
• Strong support is seen at 1.9509 (50% fib) and break below could take the pair towards 1.9373 (61.8% fib).
Recommendation: Good to sell on around 1.9520, with stop loss of 1.9640 and target price of 1.9400
