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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.
