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FxWirePro:GBP/AUD moves lower as bearish sentiment Grips ahead key UK economic data

• GBP/AUD eased on Monday but downside was limited as traders awaited key UK economic data this week. • British employment data due on Tuesday, inflation figures on Wednesday and economic output data on Thursday could st…

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FxWirePro:GBP/AUD moves lower as bearish sentiment Grips ahead key UK economic data
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• GBP/AUD eased   on Monday but downside was limited as traders awaited  key UK economic data this week. 

• British employment data due on Tuesday, inflation figures on Wednesday and economic output data on Thursday could start to clear up the picture.

• A daily close above 1.9318 (50% fibonacci retracement) would reinforce the bearish outlook and potentially set the stage for a bigger drop toward the 1.9300 level. 

•  Immediate resistance is located at 1.9464 (38.2%fib ), any close above will push the pair towards 1.9594(23.6%fib).

• Strong support is seen at 1.9310 (50%fib) and break below could take the pair towards 1.9227(Lower BB).

Recommendation: Good to sell around 1.9410, with stop loss of 1.9580 and target price of 1.9330.

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