• GBP/AUD declined on Friday as higher commodity prices and stock gains supported the Australian dollar.
•The pound edged lower against the Australian dollar , but failed to find strong downward direction
• A daily close below 1.9316(50% fib)will further improve the technical outlook, and open the possibility of a drop towards 1.9200 level.
• Technical signals show the pair could lose more ground in the short-term as RSI has turned lower, daily momentum studies 9, 11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.9439(38.2%fib),any close above will push the pair towards 1.9485 (Higher BB ).
• Immediate support is seen at 1.9316(50% fib) and break below could take the pair towards 1.9196 (61.8%fib )
Recommendation: Good to sell below 1.9380, with stop loss of 1.9500 and target price of 1.9300
