• GBP/AUD traded flat on Monday as concerns over Fed independence kept investors cautious.
• Attention will centre on the November UK GDP reading later this week, coming soon after Finance Minister Rachel Reeves unveiled her budget.
• Australia’s data docket is thin this week, highlighted by Westpac Consumer Confidence on Tuesday and Consumer Inflation Expectations on Thursday.
• Technical signals are bearish as RSI is at 36, momentum studies 11,14 and 21 DMAs are trending down.
• Immediate resistance is located at 2.0147 (SMA 20), any close above will push the pair towards 2.0277(38.2%fib).
• Immediate support is seen at 1.9981(23.6%fib) and break below could take the pair towards 1.9962 (Lower BB).
Recommendation: Good to sell around 2.0080 with stop loss of 2.0160 and target price of 1.9950
