• GBP/AUD retreated on Friday on heels of a non-farm payrolls report, but lingering
concerns about negotiations between Britain and the European Union for a post-Brexit trade deal will cap the gains.
• At GMT 16:54, the pair was trading 0.63% higher at 1.9327, highest since February 4th.
• If price action close above 50% fib level at 1.9460, further uptrend appears possible. However, If the pair fails to close above 50% fib level, then the pair may fall as low as 1.9150.
• On the upside, Immediate resistance is located at 1.9369 ( 9DMA), any close above will push the pair towards 1.9428 (Daily high).
• On the downside, strong support is seen at 1.9187 (Daily low) and break below could take the pair towards 1.9159 (21 DMA).
Recommendation: Good to sell on rallies around 1.9400, with stop loss of 1.9460 and target price of 1.9200.
