• GBP/ AUD fell deeper into negative territory on Wednesday after data showed UK inflation slowed more than expected in August.
• British annual consumer price inflation (CPI) unexpectedly fell to 6.7% in August, official data showed on Wednesday, a day before the BoE is expected to raise rates again.
• Bear are on course to force a daily close under the cloud,that would open the pathway to much bigger losses towards 1.8900 level.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 31,while moving averages and MACD are trending lower.
• Immediate resistance is located at 1.9189(50%fib), any close above will push the pair towards 1.9284(Sep 18th high).
• Immediate support is seen at 1.9030(38.2%fib) and break below could take the pair towards 1.8935(July 25th low).
Recommendation: Good to sell around 1.9100, with stop loss of 1.9180 and target price of 1.9000
