• GBP/AUD eased slightly from 1.7500 level on Thursday as investors awaited Friday's UK retail sales data for additional guidance on UK rate cut expectations.
• Investors expect annual Retail Sales excluding fuel prices to have grown by 1.3%, surpassing the previous reading of 0.3%.
• At GMT 17:54, the pair was trading up 0.01 percent at 1.9337 after reaching daily high at 1.9414.
• Technical signals are bullish as RSI at 72, daily momentum studies 21, 30 and 50 DMA’s are trending up.
• Immediate resistance is located at 1.9394 (Jan 17th high), any close above will push the pair towards 1.9414 (23.6% fib).
• Immediate support is seen at 1.9302(38.2% fib) and break below could take the pair towards 1.9202 (50% fib).
Recommendation: Good to buy around 1.9330, with stop loss of 1.9200 and target price of 1.9430
