• GBP/AUD declined sharply on Thursday as upbeat Australian jobs data and dovish remarks from BoE Governor Andrew Bailey weighed on pound.
• Bailey said the British economy is "moving in the right direction" for the central bank to start cutting interest rates, with rate-setters voting 8-1 to keep borrowing costs at their 16-year high.
• Figures from the Australian Bureau of Statistics on Thursday showed net employment jumped 116,500 in February from January when it rose a revised 15,200.
• The jobless rate dropped to 3.7%, back to the level from six months ago and down from a two-year high of 4.1%.
• The pair dropped to test 50% fib support. A break under would unmask 1.9200 level .
• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 48.
•Immediate resistance is located at 1.9383(38.2%fib ) , any close above will push the pair towards 1.9431 (Daily high).
• Immediate support is seen at 1.9269(50% fib ) and break below could take the pair towards 1.9241(Lower BB ).
Recommendation: Good to around 1.9290, with stop loss of 1.9370 and target price of 1.9200
