FxWirePro: GBP/AUD attracts selling interest, vulnerable to more downside
• GBP/ AUD declined on Monday as Australian dollar was boosted by higher commodity prices.
• Crude and copper prices jumped on tight supply, while iron ore prices recovered after a sell-off.
• The pair currently is approaching support at 1.8331 ( 23.6%fib). A break below 1.8066 will unmask 1.8275 level in the short term.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 34,while moving averages and MACD are trending lower.
• Immediate resistance is located at 1.8441 ( 38.2%fib), any close above will push the pair towards 1.8495 (14DMA).
• Immediate support is seen at 1.8331 (23.6%fib) and break below could take the pair towards 1.8275(Lower BB).
Recommendation: Good to sell around 1.8390, with stop loss of 1.8460 and target price of 1.8300