• GBP/AUD declined on Friday as a bigger-than-expected drop in January UK retail sales attracted seller.
•The pair extended its drop to hit 1.7810, a one week low, it was last down 0.94% on the day.
• The pair is testing 1.7808 (50%fib ). A break under 1.7808 would unmask 1.7731 (Higher BB).
•Technical signals show the pair could lose more ground in the short-term as RSI is has turned sharply bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7889 (21DMA ), any close above will push the pair towards 1.7960 (38.2%fib).
• Immediate support is seen at 1.7808 (50%fib ), break below could take the pair towards 1.7731 (Higher BB)..
Recommendation: Good to sell around 1.7808 with stop loss of 1.8000 and target price of 1.7740.
