• GBP/AUD recovered some ground on Monday as recovery rally from 1.9218 was aided by some profit-taking.
•Bulls will need a clear 1.9444(50% fib) to take greater control, failure to break higher could be due to EU-UK friction.
• At GMT 17:37, the pair was trading 0.24% higher at 1.9345, highest since February 5th.
• On the upside, Immediate resistance is located at 1.9387 (38.2% fib), any close above will push the pair towards 1.9444 (50% fib).
• On the downside, strong support is seen at 1.9346 (23.6 % fib) and break below could take the pair towards 1.9213 (Daily low).
Recommendation: Good to sell on rallies around 1.9400, with stop loss of 1.9440 and target price of 1.9200.
