FxWirePro:GBP/AUD heads deeper into bear territory, plunge to test a key fibo grows

• GBP/AUD declined on Monday as higher commodities prices and reduced COVID angst aided Australian dollar rise.

 •The Australian dollar surged on rising commodity prices, while the Australian dollar also received support as restrictions on the coronavirus eased in the country's most populous state, New South Wales.

•The pair reaches 1.8485 after extending south from 1.8668 (Daily high). 1.8485 is the lowest level since July 16th 2021.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 32 bearish, daily momentum studies 5, 10 and 21 DMAs are trending  down.

• Immediate resistance is located at 1.8538 (38.2%fib),any close above will push the pair towards 1.8623 (50% fib ).

• Immediate support is seen at 1.8463 (Lower BB) and break below could take the pair towards 1.8428 (23.6 % fib)

Recommendation: Good to sell below 1.8520, with stop loss of 1.8620 and target price of 1.8460