FxWirePro: GBP/AUD gains ground on weaker Australian CPI data, spotlight shifts to US Fed policy meeting

• GBP/AUD strengthened on Wednesday  as Australian dollar depreciated   against pound following softer-than-expected Australian CPI data .

• Australian consumer price inflation slowed more than predicted to a two-year low, while a significant drop in core inflation caused markets to shift expectations on rate reduction ahead of schedule.

• Pair traded in 1.9335/1.9205 range and was last trading at 1.9279 up 0.28 percent in  the US afternoon.

•The Fed's policy decision is due at 1400 ET (1900 GMT), followed by commentary from Fed Chair Jerome Powell.

• Technical signals are bullish as RSI is at 66, daily momentum studies  5,9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.9303(38.2%fib), any close above will push the pair towards 1.9439(23.6%fib).

• Strong  support is seen at 1.9192 (50%fib ) and break below could take the pair towards 1.9082 ( (61.8%fib).

Recommendation: Good to buy around  1.9260, with stop loss of 1.9150 and target price of 1.9330