FxWirePro: GBP/AUD runs out of steam but maintains bullish outlook

• GBP/AUD dipped on Friday after data showed Britain's economy contracted in April.

• Friday's data from the Office for National Statistics (ONS) showed ​the first clear signs of an impact from the U.S.-Israeli war on Iran in terms ​of British economic growth.

•Output in the dominant services sector declined in April by 0.2%, dragged down ⁠by administration and support services, as well as the arts, recreation and entertainment sectors.

• The Bank of England meets on June 18 and ​is widely expected to leave ​UK rates unchanged, unlike ⁠the European Central Bank, which raised euro zone rates by a quarter point on Thursday in a well-telegraphed move.

•Data on inflation and consumer spending in the run-up to the ​decision could set the mood.

• Immediate resistance is located at 1.9118 (38.2%fib), any close above will push the pair towards 1.9197(higher BB).

• Immediate support is seen at 1.8955 (50%fib) and break below could take the pair towards 1.8850(SMA 20).

Recommendation: Good to buy  around 1.9020  with stop loss of 1.8960  and target price of 1.9080