• GBP/AUD steadied on Friday as sterling kept firm tone despite the soft UK economic data, pair remained near Thursday’s high.
• Data released earlier Friday showed that British retail sales fell by more than expected in April .
• Sales volumes dropped by 2.3% in April after a 0.2% fall in March, which was downwardly revised from a flat reading, the Office for National Statistics said..
• Technical signals are bullish as RSI is at 58, daily momentum studies 5 , 9 DMA’s are trending up.
• Immediate resistance is located at 1.9250(23.6%fib ), any close above will push the pair towards 1.93026(Higher BB).
• Strong support is seen at 1.9139 (38.2%fib) and break below could take the pair towards 1.9064 (50%fib).
Recommendation: Good to buy on dips around 1.9240 with stop loss of 1.9120 and target price of 1.9300
