• GBP/AUD dipped on Monday as Australian dollar gained ground against pound ahead of RBA rate decision.
• Gains in commodities also helped boost the high beta currency.
• A close below 1.8798(38.2% fib), would add to pairs bearish structure, opening the way for a test of 10DMA.
• Immediate resistance is located at 1.9037(23.6%fib), any close above will push the pair towards 1.9088 (Higher BB)
• Strong support is seen at 1.8798(38.2% fib)and break below could take the pair towards 1.8692 (10DMA).
Recommendation: Good to sell around 1.8850, with stop loss of 1.8950 and target price of 1.8750
