• GBP/ AUD edged higher on Monday but gains were limited as investors awaited the outcome of this week's Fed, ECB and BoE meetings and a trove of important economic data.
• BoE is likely to deliver a 50bp hike this week, with UK recession fears keeping alive the possibility more dovish central bank policy that could weigh on cable.
• Pair gained up to 1.7505, price is contained between two fibo retrace levels, 1.7566 and 1.7382
• Technical signals show the pair could gain lose ground in the short-term as RSI is trending down at 45,while moving averages are aslo trending lower.
• Immediate resistance is located at 1.7525( Daily high), any close above will push the pair towards 1.7566 (38.2%fib).
• Immediate support is seen at 1.7382 (23.6%fib) and break below could take the pair towards 1.7292(Lower BB).
Recommendation: Good to sell around 1.7510, with stop loss of 1.7580 and target price of 1.7450
