FxWirePro: GBP/AUD gains some upside momentum but still bearish

• GBP/AUD strengthened on Tuesday as above-forecast UK CBI data boosted sterling ahead of   potential outcomes from this week's Fed meeting.

•The Confederation of British Industry said its monthly retail sales volume balance jumped to +20 in April from -45 in March, its highest level since September 2018.

• GBP/AUD hits session high in New York afternoon trading, it was last trading up 0.51% at 1.7903.

• Selling pressure will remain in the short-term, only a move above 1.7985 ( 20DMA) strong resistance  will shift bias upside.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 46.

•Immediate resistance is located at 1.7912( 38.2%fib), any close above will push the pair towards 1.7972 ( 20DMA).

• Strong  support is seen at 1.7796 (23.6% fib ) and break below could take the pair towards 1.7755(Lower BB).

Recommendation: Good to sell around 1.7900, with stop loss of 1.7980 and target price of 1.7920.