• GBP/AUD initially gained on Friday but rally fizzled as unexpectedly negative UK May retail sales data weighed on sterling.
•The pair hit daily low at 1.8399, it was last down 0.22% at 1.8422 on the day.
• The pair is approaching to testing 1.8380 (38.2%fib ). A break under 1.8380 would unmask 1.8300 level in the short term.
• Immediate resistance is located at 1.8464 (Higher BB ), any close above will push the pair towards 1.8502 (23.6%fib).
• Immediate support is seen at 1.8380 (38.2%fib ), break below could take the pair towards 1.8313 (11DMA).
Recommendation: Good to sell around 1.8430 with stop loss of 1.8520 and target price of 1.8340
