• GBP/AUD recovered some ground on Friday as sterling was supported by strong UK preliminary business PMI data.
• The rallied above 1.9100 level, lift stops after finding resistance at 1.9151(30DMA).
• GBP/ AUD remains well below 38.2%fib,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 39.
• Immediate resistance is located at 1.9151( 30DMA), any close above will push the pair towards 1.9181 (38.2%fib).
• Strong support is seen at 1.9066 (23.6%fib) and break below could take the pair towards 1.8912 ( 38.2%fib).
Recommendation: Good to sell around 1.9150, with stop loss of 1.9250 and target price of 1.9080
