• GBP/AUD declined on Monday as mounting concern about UK’s economic outlook weighed on pound.
• The is pair heading towards the 23.6% fib support, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 36, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7070 (38.2% fib), any close above will push the pair towards 1.7111 (14DMA).
• Strong support is seen at 1.6918 (23.6% fib) and break below could take the pair towards 16867 (Lower BB).
Recommendation: Good to sell on around 1.6980, with stop loss of 1.7100 and target price of 1.6900
