• GBP/AUD rose above 1.9500 level on Friday as sterling was boosted after hotter-than-expected retail sales data.
• British retail sales increased by a surprising 1% in August, exceeding forecasts of a 0.4% monthly rise, while July's growth was also revised upward, according to the data.
• A daily close above 38.2%fib will further improve the technical outlook, and open the possibility of a rally towards 1.9600 level
• Technical are bullish, daily RSI is up at 52 , daily momentum studies 9 and 10 DMAs are trending north.
• Immediate resistance is located at 1.9593 (38.2%fib ), any close above will push the pair towards 1.9670(Aug 6th high).
• Strong support is seen at 1.9459(50%fib ), and break below could take the pair towards 1.9410(Sep 19th low).
Recommendation: Good to buy around 1.9520 with stop loss of 1.9440 and target price of 1.9590
