FxWirePro: GBP/AUD edges higher but outlook still bearish

• GBP/ AUD strengthened on Friday   as stronger-than-expected UK economic growth provided  support to the pound. 

• The Office for National Statistics said Britain's economy grew 0.8% in January, the strongest monthly expansion since June.

•The pair rose   as high as 1.7913 before paring gains ,the pair failed to maintain trading above the 1.8000 pschological levels in recent sessions.

• The pair need to  rise above the 1.8002( 50%fib) to slow the bearish tide, while a move above 1.8113 ( 61.8%fib)  to shift momentum to bulls.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55,while moving averages and MACD are trending higher. 

• Immediate resistance is located at 1.7897( 38.2%fib), any close above will push the pair towards 1.8002( 50%fib).

• Immediate support is seen at 1.7763 (23.6%fib) and break below could take the pair towards 1.7634 (Lower BB).

Recommendation: Good to sell around 1.7900, with stop loss of 1.8000 and target price of 1.7820