• GBP/ AUD rose sharply on Monday as Australian dollar weakened as commodity prices gave back more of their crisis-driven gains.
• Oil prices fell on Monday as investors weighed positive comments from ceasefire talks between Russia and Ukrain.
• The pair currently is approaching resistance at 1.8128( 38.2%fib). A break above 1.8128 would unmask 1.8200 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI is turning up at 28,while moving averages are trending higher.
• Immediate resistance is located at 1.8128( 38.2%fib), any close above will push the pair towards 1.8238 (23.6fib).
• Immediate support is seen at 1.8049 (50%fib) and break below could take the pair towards 1.7964 (61.8%fib).
Recommendation: Good to buy around 1.8050, with stop loss of 1.7970 and target price of 1.8200
