GBP/AUD recovered some ground on Friday as investors booked profits on shorts ahead of long weekend.
• The recovers towards 1.9150 level, A close below 1.9024(38.2%fib), would add to pairs bearish structure.
• GBP/AUD remains vulnerable, only a break and daily close above 1.9213 (50%fib ) will shift bias to the upside.
• Technical are bearish, daily RSI is negative at 50, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9185 (5DMA ), any close above will push the pair towards 1.9213(50% fib).
• Strong support is seen at 1.9024(38.2%fib) and break below could take the pair towards 1.8871 (30th May low)
Recommendation: Good to sell on around 1.9160, with stop loss of 1.9250 and target price of 1.9080
