• GBP/AUD initially gained on Monday but lost some ground traders were cautious ahead of upcoming UK and U.S. data that may add details to the global growth picture.
• Tuesday's UK employment data and U.S. retail sales data that may provide important updates as markets grow increasingly concerned about the potential for U.S. stagflation and even recession.
• Technical signals are mixed as RSI is bullish at 51, daily momentum studies 5 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7691 ( 5DMA), any close above will push the pair towards 1.7799 (38.2% fib)
• Immediate support is seen at 1.7650 (50% fib) and break below could take the pair towards 1.7490(61.8%fib B).
Recommendation: Be on sidelines
