FxWirePro: GBP/AUD rebounds but bears are not done yet

• GBP/AUD strengthened on Friday after data showed the UK economy grew by a higher than expected in the first quarter.

• The Office for National Statistics data showed that Britain's economic output grew by a stronger-than-expected 0.6% in the January-to-March period, compared with the previous quarter.

• The pair pulled back after failing to break  support at 23.6% fib , it was last trading at 1.8976

• Technical signals are bearish as RSI at 40, daily momentum studies  9, 11 and 21 DMA’s are trending down.

• Immediate resistance is located at 1.9031 (38.2% fib), any close above will push the pair towards 1.7537( 30DMA).

• Immediate support is seen at 1.8900(23.6% fib) and break below could take the pair towards 1.8852(Lower BB).

 Recommendation: Good to sell  around 1.9000, with stop loss of 1.9100 and target price of 1.8930.