FxWirePro: GBP/AUD recovers slightly but bears are not done yet

• GBP/AUD edged higher on Friday as investors assesed weak UK economic data and ongoing uncertainty surrounding U.S.-Iran negotiations..

• British retail sales fell by the most in nearly a year in April, according to official figures published on Friday, adding to signs of waning consumer spending against the backdrop of the Middle East war and rising energy costs.

• Earlier this week, separate data also showed that inflation in April was softer than expected, while the unemployment rate ticked up...

• U.S. Secretary of State Marco Rubio said Friday that some progress had been made toward a deal with Iran, though significant work remained, while Iran said major differences between the two sides still persisted.

• Immediate resistance is located at 1.8969 (38.2%fib), any close above will push the pair towards 1.9029(SMA 20).

• Immediate support is seen at 1.8758 (Daily low) and break below could take the pair towards 1.8568 (Lower BB).

Recommendation: Good to sell around 1.8850 with stop loss of 1.8930   and target price of 1.8760