• 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.
