• GBP/AUD eased on Monday as Australian dollar strengthen as market moved to lengthen the odds of a further rise by RBA.
• Investors are eagerly anticipating the release of Australian Retail Sales data alongside a speech from Reserve Bank of Australia (RBA) Governor Michele Bullock on Tuesday.
• GBP/ AUD remains well below 11DMA,daily close below 23.6%fib increase the scope for much bigger drop.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 48.
• Immediate resistance is located at 1.9133( 11DMA), any close above will push the pair towards 1.9189(38.2%fib).
• Strong support is seen at 1.9051 (23.6%fib) and break below could take the pair towards 1.9000 ( Psychological level).
Recommendation: Good to sell around 1.9120, with stop loss of 1.9250 and target price of 1.9020
