FxWirePro: GBP/AUD consolidates after early fall, outlook bullish

• GBP/ AUD rose   on Wednesday as  Australian dollar was pressured by the dovish RBNZ and falling iron ore prices  .

•The Reserve Bank of New Zealand cutting the official cash rate (OCR) by 25 basis points to 5.25%, the first easing since early 2020.

•On the data front,  UK consumer price inflation rose to 2.2% in July after two months at the BoE's 2% target, official figures showed, but fell short of economists' forecast for an annual rise to 2.3%.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 52,while moving averages are trending higher.

• Immediate resistance is located at 1.9471( 50%fib), any close above will push the pair towards 1.9604 (23.6%fib).

• Immediate support is seen at 1.9344 (61.8%fib) and break below could take the pair towards 1.9288 (Lower BB).

Recommendation: Good to buy around 1.9450, with stop loss of 1.9360 and target price of 1.9520