• GBP /AUD declined on Friday as higher oil prices and a 3% rise in Dalian iron ore underpinned Australian dollar.
• The pair hit daily low at 1.8842 and was last trading at 1.8850 .
• Technical signals are bearish as RSI is at 46, daily momentum studies 9, 11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.8989(5DMA), any close above will push the pair towards 1.9115 (23.6%fib).
• Immediate support is seen at 1.8835(38.2%fib) and break below could take the pair towards 1.8760 (May 24th low).
Recommendation: Good to sell around 1.8850, with stop loss of 1.8960 and target price of 1.8780
