• GBP/ AUD climbed on Friday as pound was bolstered by upbeat UK economic data.
• British retail sales surprised on the upside in February, rising by 1.0% month-on-month, as reported by the Office for National Statistics (ONS) on Friday. This unexpected increase suggests stronger-than-anticipated consumer demand, despite ongoing economic uncertainties.
• Additionally, the UK’s GDP for the fourth quarter of 2024 showed a modest 0.1% quarter-over-quarter expansion, aligning with market expectations.
• The combination of solid retail performance and steady GDP growth suggests that the UK economy is navigating through its difficulties with cautious optimism.
• Immediate resistance is located at 2. 0614(23.6%fib), any close above will push the pair towards 2.0706(Higher BB ).
• Immediate support is seen at 2.0455( March 27th low) and break below could take the pair towards 2.0397(38.2%fib).
Recommendation: Good to buy around 2.0580, with stop loss of 2.0500 and target price of 2.0680
