FxWirePro :GBP/AUD consolidates above 1.8900 after early fall, maintains bullish bias

• GBP/AUD initially dipped on Friday but recovered ground as better-than-expected UK retail sales numbers supported pound.

• Retail sales volumes rose by 1.9% in January after a 4.0% decline in December.

• Technicals are favouring bullish sentiment as RSI is at 51 and the pair is trading above   5,9 & 11-DMAs. 

• Immediate resistance is located at 1.89594(38.2%fib ), any close above will push the pair towards 1.9032 (23.6%fib).

• Immediate support is seen at 1.8898 (50%fib ), break below could take the pair towards 1.8836(50%fib).

Recommendation: Good to buy around 1.8900 with stop loss of 1.8800 and target price of 1.9060