FxWirePro: GBP/AUD bears maintain upper hand

• GBP/AUD declined on Monday as expectations of an extended RBA rate pause provided support to the Australian dollar.

• In Australia, the economic docket will feature the AIG Industry Index in August, followed by the release of October’s Consumer Inflation Expectations on October 7.

• UK services companies reported a sharp increase in cost pressures last month as higher fuel prices linked to the Middle East conflict pushed selling prices to their highest level since May.

• The S&P Global services PMI fell to 52.1 in September from 52.5 in August, marking its joint-weakest growth since June.

• Immediate resistance is located at 1.9071 (50%fib), any close above will push the pair towards 1.9129(Higher BB).

• Immediate support is seen at 1.8939 (38.2%fib) and break below could take the pair towards 1.8890(SMA 20).

Recommendation: Good to sell around 1.9000with stop loss of 1.9100 and target price of 1.8960