FxWirePro: GBP/AUD retreats after failing to 50%fib resistance

• GBP/AUD declined on Friday as strength in commodity prices boosted Australian dollar
• The pair hit daily low at 1.7864, it was last down 0.10% at GMT 19:52.

•The pair is approaching 38.2% support at 1.7866, a daily close below which will accelerate towards 1.7774 (Lower BB).

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is   bearish at 48.

• Immediate resistance is located at 1.7957 ( 14DMA), any close above will push the pair towards 1.7999( 50%fib).

• Strong support is seen at 1.7866 (38.2% fib ) and break below could take the pair towards 1.7789 (27th April low).

Recommendation: Good to sell around 1.7930, with stop loss of 1.8000 and target price of 1.7860.