• GBP/AUD declined on Friday as softer-than-expected report U.S. non-farm payrolls data weighed on the pair.
• The slower employment growth could reduce pressure for the Fed to begin tapering asset purchases and, thus, delay rate hikes.
• The is pair heading towards the lower 50% fib, as near term direction of the pair is likely to be driven by current price action.
• Technical outlook for the pair has turned bearish as RSI has turned lower below 50, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.8335(38.2%fib ), any close above will push the pair towards 1.8355 (5DMA).
• Strong support is seen at 1.8248 (50%fib ), and break below could take the pair towards 1.8197 (Lower BB).
Recommendation: Good to sell on around 1.8310, with stop loss of 1.8430 and target price of 1.8240
