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FxWirePro: GBP/AUD downside pressure builds, key support level in focus

• GBP/AUD declined on Monday as  Australian dollar was boosted by risk rally & recovery in commodity prices.

• At 18:50  GMT, the pair was down 0.651%  to 1.8596, lowest since 25th  April .

•  Technical signals are bearish as RSI is heading down  at 49, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.8689 (38.2%fib), any close above will push the pair towards 1.8719(5DMA)

• Strong support is seen at 11.8561 (24th April low ) and break below could take the pair towards 1.8506(50%fib).

Recommendation: Good to sell on rally around 1.8500, with stop loss of 1.8670 and target price of 1.8430
 

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