• GBP /AUD edged higher on Wednesday as weak Australian retail sales data and extended COVID-19 lockdowns pushed the Australian dollar lower against pound.
• Australian retail sales slumped in June as coronavirus lockdowns and mobility restrictions in Australia hit demand
• The pair hit daily high at 1.8655, it was last trading at 1.8634 at GMT 19:20.
• From a technical viewpoint, the moving averages are pointing upwards, while the RSI is bullish at 66.
• Immediate resistance is located at 1.8671 ( 23.6%fib), any close above will push the pair towards 1.7932 ( Ichimoku Cloud Top).
• Strong support is seen at 1.7776 ( Ichimoku Cloud Base) and break below could take the pair towards 1.7736 ( 38.2%fib).
Recommendation: Good to buy around 1.8630, with stop loss of 1.8500 and target price of 1.8700.
