• GBP/AUD declined on Friday as cautiously dovish outlook from the Bank of England and downbeat retail sales data weighed on pound.
• Retail sales volumes unexpectedly fell by 0.3% in February from January. Economists polled had on average forecast of 0.6% monthly rise.
• The is pair heading towards the lower BB, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 25, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7611 (23.6%fib ), any close above will push the pair towards 1.7764 (38.2%fib).
• Strong support is seen at 1.7521 (Daily low ), and break below could take the pair towards 1.7424(Lower BB).
Recommendation: Good to sell on around 1.7540, with stop loss of 1.7660 and target price of 1.7490
