• GBP/ AUD rose towards 1.9300 level on Tuesday after Aussie retail sales miss dented Australian dollar against pound.
• According to the Australian Bureau of Statistics (ABS), retail sales decreased by 0.4% in March compared to a revised 0.2% increase in February. Analysts had anticipated a 0.2% rise.
•Sales amounted to A$35.66 billion ($23.37 billion), marking a 0.8% increase from the previous year. This represents the slowest growth rate since August 2021.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 52,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.9289( April 10th high), any close above will push the pair towards 1.9344 (23.6%fib).
• Immediate support is seen at 1.9204 (38.2%fib) and break below could take the pair towards 1.9122 (50%fib).
Recommendation: Good to buy around 1.9260, with stop loss of 1.9160 and target price of 1.9360
