• GBP/AUD declined on Thursday as higher US yields, USD/CNH rally boosted Australian dollar.
• Australian dollar rallied against pound despite a weaker trade balance and lower building permits data.
• The pair dropped to test 1.9062(23.6% fib ). A break under would unmask 1.9000 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 1.9159 (50%fib ) , any close above will push the pair towards 1.9216 (May 2nd high).
• Immediate support is seen at 1.9062(23.6% fib ) and break below could take the pair towards 1.9032 (Lower BB ).
Recommendation: Good to sell around 1.9100, with stop loss of 1.9200 and target price of 1.9020.
