• GBP /AUD initially gained on Friday but gave up ground as weak UK retail sales and mixed PMI results fuelled concerns about slower growth in UK.
• In the latest warning sign that Britain's economy might have entered a recession, retail sales volumes dropped by a month-on-month 0.4% from October.
• Failed to register closes above the 1.8227 (38.2% fib),one week in a row.Upside rejection is likely lead to a big drop towards 1.8000.
• Immediate resistance is located at 1.8227 (38.2% fib), any close above will push the pair towards 1.8339(Higher BB).
• Immediate support is seen at 1.8121 (5DMA) and break below could take the pair towards 1.8046 (50%fib).
Recommendation: Good to sell around 1.8160, with stop loss of 1.8260 and target price of 1.8070.
