• GBP/AUD retreated on Friday from daily high as the pair was weighed down by political and economic turmoil in UK.
• The pair retreated as unfavorable macroeconomic backdrop overshadowed concerns about politics after Prime Minister Boris Johnson announced his resignation.
• Bulls will need a clear 1.7717 ( 61.8% fib) to take greater control, failure to break higher will spur fresh downward momentum.
• Technical signals are mixed as RSI is at 46, daily momentum studies 5, 30 DMAs are trending north.
• Immediate resistance is located at 1.7590(50%fib ), any close above will push the pair towards 1.7623 (5DMA).
• Strong support is seen at 1.7458 (38.2%fib) and break below could take the pair towards 1.7419 (Lower BB).
Recommendation: Good to sell around 1.7560, with stop loss of 1.7670 and target price of 1.7480.
