• GBP/AUD initially rose on Monday but gave up some ground after a rapid fiscal policy reversal from the British government .
• Britain's new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss's proposed tax cuts and reined in her energy subsidies
• The pair was last up 0.09% at 1.8055, after earlier reaching 1.8199, the highest since March 15th 2022.
• Technical lean bullish, RSI is up at 72, momentum studies, 5, 10,14 DMAs trending north.
• Immediate resistance is located at 1.8209 ( 38.2%fib), any close above will push the pair towards 1.8339(23.6%fib).
• Support is seen at 1.8040 (38.2%fib) and break below could take the pair towards 1.7941 (5DMA).
Recommendation: Good to buy around 1.8020 with stop loss of 1.7900 and target price of 1.8180.
