FxWirePro: GBP/AUD attracts selling interest, vulnerable to more downside

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FxWirePro: GBP/AUD attracts selling interest, vulnerable to more downside

Saturday, May 28, 2022 12:02 AM UTC

• GBP/AUD declined on Friday as a solid report on Australian retail sales and higher commoditie prices boosted Australian dollar.

•Data out Friday showed retail sales climbed 0.9% in April as consumers spent more on eating out. Retail sales were up a healthy 9.6% on a year earlier.

• The pair dropped to test 1.7644(50% fib ). A break under would unmask 1.7500 level .

•Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 48..

•Immediate resistance is located at 1.7771(61.8%fib ) , any close above will push the pair towards 1.7878 (Higher BB).

• Immediate support is seen at 1.7644(50% fib ) and break below could take the pair towards 1.7632 (50% fib ).

Recommendation: Good to around 1.7645, with stop loss of 1.7760 and target price of 1.7500.

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