• GBP/AUD initially gained on Tuesday but gave up some ground as investors awaited for key UK GDP data to assess the strength of UK economy.
• UK GDP data is expected to show a contraction of 0.1% on a monthly basis in September, compared with growth of 0.2% a month ago .
• The pair is holding near today's high, but repeated failures to push above 38.2 %fib resitence is discouraging longs.
• Technical signals are bearish as RSI is at 46, daily momentum studies 5, 9 and 11 DMAs are trending south.
• Immediate resistance is located at 1.9148 (38.2%fib ), any close above will push the pair towards 1.9198 (Nov 7th high).
• Strong support is seen at 1.8991(23.6% fib ) and break below could take the pair towards 1.8926(Nov 3rd low).
Recommendation: Good to sell around 1.9120 , with stop loss of 1.9200 and target price of 1.9050
