• GBP/AUD declined sharply on Friday as dovish remarks from Bank of England Deputy Governor Dave Ramsden weighed on pound.
•BoE's Ramsden said on Friday that inflation could hold around the central bank's 2% target for the next three years rather than rise higher later this year as set out in the BoE's most recent forecasts.
• Meanwhile, data revealed that UK retail sales remained stagnant in March, marking the first time sales haven't shown monthly growth since December.
• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 47.
•Immediate resistance is located at 1.9299(50%fib ) , any close above will push the pair towards 1.9337 (5SMA).
• Immediate support is seen at 1.9218(50% fib ) and break below could take the pair towards 1.9193 (Feb 23rd low ).
Recommendation: Good to sell around 1.9270, with stop loss of 1.9350 and target price of 1.9200.
