FxWirePro:GBP/AUD slips as markets assess Burnham's rise to UK premiership

• GBP/ AUD slipped on Monday   as markets assessed the impact of Andy Burnham becoming Britain's seventh prime minister in a decade.

•  Burnham replaced Keir Starmer as Britain’s seventh prime minister in a decade, pledging to overhaul the country’s politics and introduce a new economic model..

• Burnham pledged to uphold fiscal discipline while addressing homelessness and expanding public housing, with welfare savings expected to support increased defence spending..

• Markets appear supportive of a more active government approach, but only if it boosts growth without putting additional strain on public finances.,

•Pound  last week was  supported by reports that the job would likely go to Shabana Mahmood, widely regarded as a centrist, rather than a more left-leaning candidate.

• Immediate resistance is located at 1.9244(SMA 20), any close above will push the pair towards 1.9365 (Higher BB).

• Immediate support is seen at 1.9115(50%fib) and break below could take the pair towards 1.9066(Lower BB).

Recommendation: Good to sell around 1.9110, with stop loss of 1.9260 and target price of 1.9060