• GBP/AUD declined on Friday as UK's brewing economic storm continued to weigh on the pound.
• A surprise uptick in July UK retail sales failed to lift sterling, as soaring British inflation and recession risks continue to dominate traders’ minds.
• The pair picked up downside momentum and is approaching 23.6%fib support. A close below will opens up 1.7100 level in the short term.
• Technical are bearish, daily RSI is negative at 44, daily momentum studies 11and 14 DMAs are trending down.
• Immediate resistance is located at 1.7294 (14DMA ), any close above will push the pair towards 1.7362 (38.2%fib).
• Strong support is seen at 1.7149 (23.6%fib) and break below could take the pair towards 1.7058 (Lower BB).
Recommendation: Good to sell around 1.7200, with stop loss of 1.7300 and target price of 1.7100
