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FxWirePro:GBP/AUD neutral in the near-term, scope for downward resumption

• GBP/AUD initially dipped but gained some ground as investors awaited Tuesday’s PMI data and Wednesday's UK price data.

• In an up-and-down session, the pair hit low at 1.8689 in early trading then gained towards 1.8702.

• Technicals are favouring bearish sentiment as RSI is at 49 and the pair is trading below   5,10 & 11-DMAs..

• Immediate resistance is located at 1.8714 (5DMA), any close above will push the pair towards 1.8781 (38.2%fib)

• Immediate support is seen at 1.8643 (May 19th low ) and break below could take the pair towards 1.8584 (50%fib).

Recommendation: Good to sell  around 1.9730, with stop loss of 1.9830 and target price of 1.9650.

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