• GBP/AUD initially dipped on Monday but recovered ground as upbeat UK CBI data supported pound.
• The Confederation of British Industry's (CBI) monthly retail sales balance, a gauge of sales over the year to March, rose to +2 from -7 in February.
• At GMT 19:40, the pair was trading down 0.02 percent at 1.9327 after reaching daily low at 1.9281.
• The technical outlook bullish, fourteen-day momentum is positive, reinforcing the scope for a bigger slump
• Immediate resistance is located at 1.9385 (23.6%fib), any close above will push the pair towards 1.9458 (March 11th high).
• Immediate support is seen at 1.9250 (38.2% fib) and break below could take the pair towards 1.9193 (Feb 20th low).
Recommendation: Good to buy on dips around 1.9320, with stop loss of 1.9250 and target price of 1.9400
