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

• GBP/AUD dipped towards 1.9250 level on Monday  as sterling continued weaken  against Australian dollar  as investors waited for new impetus from UK survey data on Thursday. 

• The survey-based purchasing managers' index data, set to be released on Thursday, will provide insight into the UK economy's health in February.

• At GMT 17:06, the pair was trading down 0.10 percent  at 1.9257 after reaching daily high at 1.9302  .

• Technical are bearish, daily RSI has turned loweris lower at 49, daily momentum studies  9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.9389(38.2% fib), any close above will push the pair towards 1.9395(Feb  15th high).

• Strong support is seen at 1.9221 (50% fib) and break below could take the pair towards 1.9166(Lower BB).

Recommendation: Good to sell on  around 1.8260, with stop loss of 1.8380 and target price of 1.9190
 

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