• GBP/AUD declined on Friday as upbeat Australian PMI data and gains in commodity market boosted Australian dollar against pound.
• The is pair heading towards the lower 38.2%fib, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 44, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7978 (50%fib ), any close above will push the pair towards 1.8083 (61.8%fib).
• Strong support is seen at 1.7871 (38.2%fib ), and break below could take the pair towards 1.7792(Lower BB).
Recommendation: Good to sell on around 1.7900, with stop loss of 1.7980 and target price of 1.7800
