FxWirePro :GBP/AUD gains some ground but bias is still bearish

• GBP/AUD  edged  up  Thursday  but  gains were limited as investors digested      mixed Australian   employment data .

• Data from the Australian Bureau of Statistics showed net employment rose 38,500 in April from March, topping forecasts for a bounce of 23,700.

•The jobless rate rose to 4.1%, from an upwardly revised 3.9%, and above market forecast. The participation rate ticked up to 66.7%, while hours worked were flat.

• Technical signals show the pair could lose more ground in the short-term as RSI is lower at 39, daily momentum studies 9, 11 and 21 DMAs are trending  down.

• Immediate resistance is located at 1.9040(38.2%fib),any close above will push the pair towards 1.9130 (50%fib).

• Immediate support is seen at 1.8893(23.6% fib) and break below could take the pair towards 1.8827 (Lower BB)

Recommendation: Good to sell below 1.8990, with stop loss of 1.9100 and target price of 1.8870