• GBP/AUD rebounded after initially falling on Friday as the impact of weak UK economic data on the British currency was tempered by worse numbers coming out of the U.S.
• In an up-and-down session, the pair hit low at 1.7219 in early trading then gained towards 1.7326 after US manufacturing data.
• GBP/AUD remains vulnerable, only a break and daily close above 1.7593 (50% fib) will shift bias to the upside.
• Technical are bearish, daily RSI is negative at 37, daily momentum studies 5 ,9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7350 (Daily high ), any close above will push the pair towards 1.7383(5DMA).
• Strong support is seen at 1.7219 (23.6%fib) and break below could take the pair towards 1.7173(April 5th low).
Recommendation: Good to sell around 1.7360, with stop loss of 1.7480 and target price of 1.7220
