• GBP/AUD declined on Tuesday as upbeat risk sentiment and gains in commodity market boosted Australian dollar against pound.
• The is pair heading towards the lower 50%fib, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is trending down, daily momentum studies 5 and 9 DMAs are trending down.
• Immediate resistance is located at 1.8952 (9DMA ), any close above will push the pair towards 1.8979 (38.2%fib).
• Strong support is seen at 1.8887 (50%fib ), and break below could take the pair towards 1.8093 (61.8%fib).
Recommendation: Good to sell on around 1.8920, with stop loss of 1.8990 and target price of 1.8860
