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FxWirePro: GBP/AUD loses momentum but outlook is bullish

• GBP/AUD declined on Monday as   resurgent risk appetite pushed the cross pair lower.

•  At GMT 17:02, the pair was trading down 0.77 percent   at  1.7920.

• The pair is currently approaching support at 1.7799( 50% fib). Support at 1.7799 is likely to limit further downside in the pair.

• Technical lean bullish, RSI is bullish at 54, momentum studies, 9, 11 DMAs are trending up. 

•  Immediate resistance is located at 1.7942 ( 38.2% fib), any close above will push the pair towards 1.8081 (Daily high)

• Support is seen at 1.7799( 50% fib)and break below could take the pair towards 1.7640 (61.8% fib).

  Recommendation: Good to buy around 1.7900, with stop loss of 1.7800  and target price of 1.8000.
 

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