FxWirePro : GBP/AUD reverses recent rally, bias back to downside

• GBP/AUD dipped on Tuesday as Australian dollar was lifted higher by Iron ore prices.

• Reserve Bank of Australia minutes had no impact on GBP/AUD price action. Minutes confirmed move to neutral bias and they didn't discuss hike at meeting.

•  At GMT 16:46, the pair was trading down  0.12 percent  at 1. 9310 after reaching daily low at 1.9279.

• Technicals are favouring bearish sentiment as RSI is at 46 with the 5, 10 & 21-day MAs in a bearish alignment. 

• Immediate resistance is located at 1.9343(Daily high), any close above will push the pair towards 1.9431(23.6%fib).

• Strong support is seen at 1.9270 (38.2% fib)and break below could take the pair towards 1.9245(Lower BB).

Recommendation: Good to sell  around 1.9320, with stop loss of 1.9420  and target price of  1.9250