• GBP/AUD initially gained on Friday but lost some ground after British retail sales data painted a gloomy picture of UK consumers.
• British retail sales volumes fell unexpectedly in October as stretched consumers stayed at home, official data showed on Friday in a new warning sign for the economy.
• Technical signals are mixed as RSI turned bearish at 48, daily momentum studies 5 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9256 ( 23.6%fib), any close above will push the pair towards 1.9318(14th Nov)
• Immediate support is seen at 1.9140(11DMA) and break below could take the pair towards 1.9080 (38.2%fib B).
Recommendation: Be on sidelines
