• GBP/AUD dipped on Friday as knock-on effects from French President Emmanuel Macron's gamble to call snap elections and weaker UK GDP data for April weighed on the pound.
• Next week, the upcoming schedule includes UK Consumer Price Index (CPI), the Bank of England's interest rate decision, and preliminary PMI data.
• Technicals are favouring bearish sentiment as RSI is at 49 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 1.9218 (50%fib), any close above will push the pair towards 1.9262(Daily high)
• Strong support is seen at 1.9159 (38.2% fib)and break below could take the pair towards 1.9080 (23.6% fib).
Recommendation: Good to sell around 1.9200, with stop loss of 1.9300and target price of 1.9120
