FxWirePro: GBP/AUD downside pressure builds, key support level in focus

• GBP/AUD  dipped towards 1.9000 level   on Thursday  as remarks  from Bank of England interest rate-setter Catherine Mann weighed pound .

• Bank of England interest rate-setter Catherine Mann said British inflation data published this week represented "good numbers" although there was not as much improvement in the underlying figures as the central bank had hoped to see.

• BoE's Monetary Policy Committee, Mann said she was not sure that a projected fall of inflation to 2% in the coming months meant Britain had fixed its high inflation problem.

• Mann voted with the majority in a 5-4 decision by the MPC this month to keep rates on hold. She said at the time that the time for a cut was closer.

• Investors were putting the likelihood of a quarter-point rate cut by the BoE in March at about 80% on Thursday.

• Immediate resistance is located at 1.9165(Daily high ), any close above will push the pair towards 1.9330(38.2%fib).

• Strong support is seen at 1.9047 (23.6%fib) and break below could take the pair towards 1.8950 (Lower BB).

  Recommendation: Good to sell on  around 1.9090 with stop loss of 1.9160 and target price of 1.9000