• GBP/ AUD rose towards 1.9500 level on Wednesday as Australian dollar was undermined by softer Australian CPI report.
• Australian consumer price inflation held at a two-year low in January despite forecasts for an uptick, reinforcing expectations that interest rates are unlikely to increase further.
• The pair currently is approaching resistance at 23.6%fib. A break above 11.8651 will unmask 1.9600 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 63,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.9532 ( 23.6%fib), any close above will push the pair towards 1.9602 (Sep 7th 2023 high).
• Immediate support is seen at 1.9358 (38.2%fib) and break below could take the pair towards 1.9298 (Feb 26th low).
Recommendation: Good to buy around 1.9480 , with stop loss of 1.9400 and target price of 1.9570
