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• GBP/AUD dipped on Friday after data showed Britain's economy contracted in April.
• Friday's data from the Office for National Statistics (ONS) showed the first clear signs of an impact from the U.S.-Israeli war on Iran in terms of British economic growth.
•Output in the dominant services sector declined in April by 0.2%, dragged down by administration and support services, as well as the arts, recreation and entertainment sectors.
• The Bank of England meets on June 18 and is widely expected to leave UK rates unchanged, unlike the European Central Bank, which raised euro zone rates by a quarter point on Thursday in a well-telegraphed move.
•Data on inflation and consumer spending in the run-up to the decision could set the mood.
• Immediate resistance is located at 1.9118 (38.2%fib), any close above will push the pair towards 1.9197(higher BB).
• Immediate support is seen at 1.8955 (50%fib) and break below could take the pair towards 1.8850(SMA 20).
Recommendation: Good to buy around 1.9020 with stop loss of 1.8960 and target price of 1.9080
