• GBP/AUD shedded some gains on Friday as market jitters kept investors cautious.
• Investors turned cautious fuelled by a Wall Street retail-trading frenzy that has rattled institutional investors in recent days.
• GBP/AUD off its highs but bull trend is holding strong, only a break and daily close below 1.8276 (61.8% fib) will shift bias to the downside.
• Technical are bullish as daily RSI is positive at 58, 5, 9& 11 daily moving averages trend higher.
• Immediate resistance is located at 1.7925 (38.2%fib ), any close above will push the pair towards 1.8000 (Psychological level).
• Strong support is seen at 1.7843 (50%fib) and break below could take the pair towards 1.7802 (5EMA).
Recommendation: Good to buy around 1.7800, with stop loss of 1.7740 and target price of 1.7920
