• GBP/AUD initially dipped on Friday as but recovered ground as investors weigh mixed data.
• UK retail sales rose 1.7% in January, surpassing the 0.3% forecast, according to official data from the Office for National Statistics.
• The preliminary reading of the UK S&P Composite Purchasing Managers' Index (PMI) for February dipped marginally to 50.5 from 50.6 in January.
• Separately, S&P Global reported that the UK's services sector rose to 51.1 in February from 50.8 in January.
• Immediate resistance is located at 1.9929 (38.2%fib ), any close above will push the pair towards 2.0069 (Higher BB).
• Strong support is seen at 1.9790 (50%fib) and break below could take the pair towards 1.9683 (Lower BB).
Recommendation: Good to sell on around 1.9880 with stop loss of 1.9750 and target price of 1.9800
