• GBP/AUD initially dipped on Monday but recovered some ground as investors will closely monitored the UK employment report.
• The UK will release its May employment report on Tuesday. Job growth in the UK has been contracting for a while, and this trend is anticipated to persist in May.
• GBP/AUD steadies around 1.9260 after finding support at 50%fib.
• Technical are bearish, daily RSI is postive at 57, daily momentum studies 14 and 21 DMAs are trending up.
• Immediate resistance is located at 1.9364 (38.2%fib), any close above will push the pair towards 1.9405(Higher BB).
• Strong support is seen at 1.9236 (23.6%fib) and break below could take the pair towards 1.9150 (June 10th low).
Recommendation: Good to sell on around 1.9250 , with stop loss of 1.9150 target price of 1.9320
