• GBP/AUD recovered some ground on Friday, as the pair met support at 1.8941 (lower bollinger bands).
• At GMT 15:22, the pair was trading 0.02% higher at 1.9027, slightly higher from daily low at 1.8941.
• Selling pressure will remain in the short-term, only a move above 1.9206 (23.6 % fib) strong resistance would indicate the weakness in pair has run out .
• Technical signals show the pair could lose more ground in the short-term as RSI is at 33 bearish, daily momentum studies 5, 10 and 21 DMAs are trending south.
• On the upside, Immediate resistance is located at 1.9072 (Daily high ), any close above will push the pair towards 1.9215 (9 DMA).
• On the downside, strong support is seen at 1.8941 (lower bollinger bands) and break below could take the pair towards 1.8900 (Psychological level).
• Recommendation: Good to sell on rallies around 1.9100, with stop loss of 1.9200 and target price of 1.8850.
