• GBP/AUD eased on Tuesday after Bank of England Chief Economist Huw Pill offered a slightly more dovish inflation outlook..
• Bank of England Chief Economist Huw Pill, among the MPC’s most cautious voices on inflation, said Tuesday he feels more comfortable with the UK’s inflation outlook than he did earlier this year.
• Bank of England Chief Economist Huw Pill voted with the majority last week to keep the benchmark rate at 4%, but he had dissented earlier when the MPC cut rates in May and August.
• Technical are bearish , daily RSI is bearish at 44, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 2.0514 (Sep 23rd low), any close above will push the pair towards 2.0684(50% fib).
• Strong support is seen at 2.0366 (23.6% fib) and break below could take the pair towards 2.0295(Lower BB).
Recommendation: Good to sell on around 2.0500, with stop loss of 2.0600 and target price of 2.0350
