During yesterday’s trading session GBP/AUD traded within the range of 1.8048-1.8156 and closed at 1.8136.
At 6:14 GMT today GBP/AUD was losing 0.11% for the day to trade at 1.8119. The pair touched a daily low at 1.8110 at 6:00 GMT.
Fundamental view
Retail Sales in the UK probably fell by 0.4% in March, according to the median analysts estimates. In February retail sales rose by 1.7%.
The indicator measures the change in the volume of sales made by retailers in the UK. The information is derived from a monthly survey among major retailers. Higher volumes of retail sales mean greater consumer demand, higher production and economic growth. This is the percentage change in the index from the previous month.
On year-over-year basis, retail sales probably rose by 3.8% last month, following a 3.7% increase in February.
The Office for National Statistics is scheduled to release an official report at 8:30 GMT. Higher-than-expected readings will certainly heighten the appeal of the pound.
Technical view
According to Binary Tribune’s daily analysis, in case GBP/AUD manages to breach the first resistance level at 1.8179, it will probably continue up to test 1.8221 In case the second key resistance is broken, the pair will probably attempt to advance to 1.8287.
If GBP/AUD manages to breach the first key support at 1.8071, it will probably continue to slide and test 1.8005. With this second key support broken, the movement to the downside will probably continue to 1.7963.
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