FxWirePro: GBP/AUD reverses recent rally, bias back to downside
• GBP/AUD declined after initially gaining on Monday as discovery of the Omicron coronavirus variant prompted investors to dump pound.
• GBP/AUD fell to an daily low after rallying into positive territory.Today's rally above stalled at 1.8731 as sellers emerged.
• Technical signals are bearish as RSI is overbought and struggling to confirm gains.
• Immediate resistance is located at 1.8749 (23.6% ), any close above will push the pair towards 1.8800(Psychological level).
• Immediate support is seen at 1.8622 (38.2%fib ) and break below could take the pair towards 1.8515 (50%fib).
Recommendation: Good to sell around 1.8630 with stop loss of 1.8750 and target price of 1.8570.