• GBP/AUD declined on Tuesday as investors took some profit off the table.
• GBP/AUD last traded at 1.8256, down 0.54% on the day, after hitting daily low at 1.8236.
• The is pair heading towards the 1.8208 (50%fib), as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is has turned sharply lower, daily momentum studies 5,9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.8285(38.2%fib ), any close above will push the pair towards 1.8402 (23.6%fib).
• Strong support is seen at 1.8208 (50%fib) and break below could take the pair towards 1.8158 (21DMA).
Recommendation: Good to sell on around 1.8270, with stop loss of 1.8350 and target price of 1.8200
