FxWirePro:GBP/AUD gives back chunk of early gains, eyes another drop

• GBP/AUD initially gained on Monday, but gave up some ground as  investors attention turned to Wednesday’s UK CPI data.

• GBP/AUD has traded a 111 pip range since the London open, 1.8499-1.8610.

• GBP/AUD remains brearish, only a close back above  1.8615 (50%fib), could upset the bearish order.

• Immediate resistance is located at 1.8537 (10DMA ), any close above will push the pair towards 1.9562 (38.2%fib).

• Strong support is seen at 1.8490 (23.6% fib) and break below could take the pair towards 1.8461 (12 Oct low).

Recommendation: Good to sell  around 1.8530, with stop loss of 1.8620 and target price of 1.9450