FxWirePro:GBP/AUD bulls beginning to fade, scope for downward resumption

• GBP/AUD gave back some of the gains made last week on Monday , as  investors priced in looser financial conditions under Britain’s new finance minister.

• The pair fell to hit session low of  1.9341 in US trading and was last down 0.28% on the day at $1.19281 at GMT 17:41

• Major support is at 1.9200 (Trendline), a breach could potentially lead to further rapid decline as the next support is not until 1.9088 (50DMA) 

•Strong resistance is at 1.9444(50% fib) but only a move above  would indicate the current weak phase has stabilized.

Recommendation: Good to sell on rallies around 1.9350, with stop loss of 1.9480 and target price of 1.9190.