• GBP/AUD declined on Friday as sterling was weighed down amid concerns over rising COVID-19 cases in UK.
• Sterling was also under pressure from Britain’s looming end of fiscal support measures such as the job furlough scheme that winds down in September.
• At GMT 17:51, the pair was trading down 0.11 percent at $1.8595.
• Currently, the 1.8560 (5DMA) barrier is restricting lower move, will likely be a speed bump to bears.
• Immediate resistance is located at 1.8645( 23.6%fib), any close above will push the pair towards 1.8676(Higher BB)
• Support is seen at 1.8560(5DMA ) and break below could take the pair towards 1.8532 (38.2%fib).
Recommendation: Good to buy around 1.8580, with stop loss of 1.8500 and target price of 1.8680.
