FxWirePro: GBP/AUD outlook weaker on renewed downside pressure

• GBP/AUD declined on Friday,   as weak British retail sales data weighed on British pound.

• At GMT 16:53, the pair  already trading lower on the day, extended its drop to hit  1.9325, a 1-1/2 month low, and was last down 0.16% on the day  .

• Technical signals show the pair could lose more ground in the short-term as RSI is at 35 bearish, daily momentum studies  5, 11 and 21 DMAs are trending south.

• On the upside, Immediate resistance is located at 1.9476 (5 DMA ), any close above will push the pair towards 1.9565 (11 DMA).

• On the downside, strong support is seen at 1.9300 (Psychological level) and break below could take the pair towards 1.9173(Lower BB).

Recommendation: Good to sell on rallies around 1.9450, with stop loss of 1.9800 and target price of 1.9000.