• GBP/AUD declined on Tuesday as Australian dollar strengthened after The Reserve Bank of Australia (RBA) skips on a rate rise.
• The Reserve Bank of Australia (RBA) retained hawkish bias saying some further tightening of monetary policy may be required.
• GBP/NZD drops slightly from 1.9087 hit daily low at 1.8997. Break lower at 1.8979(5DMA) risks run towards 1.8850 level.
• Technical signals show the pair could lose more ground in the short-term as RSI is turning sharply lower, daily momentum studies 9, 11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.9114(38.2%fib),any close above will push the pair towards 1.9124(Higher BB ).
• Immediate support is seen at 1.8979(5DMA) and break below could take the pair towards 1.8844(50%fib).
Recommendation: Good to sell below 1.9030, with stop loss of 1.9100 and target price of 1.8940
