FxWirePro: GBP/AUD jumps after UK inflation data , set for further gains

• GBP/AUD rose towards 1.9200 level on Wednesday  as pound appreciated   strongly against Australian dollar after UK inflation fell less than expected.

• British consumer prices rose by 2.3% in annual terms in April, slowing from a 3.2% increase in March, the Office for National Statistics said.

•Slower-than-expected deceleration in Britain's inflation knocked off hopes of a June interest rate cut by the Bank of England.

• At GMT 16:294, the pair was trading up 0.69 percent  at 1.9190,  highest level since 2nd May.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 57,while moving averages are trending higher. 

• Immediate resistance is located at 1.9207(23.6%fib), any close above will push the pair towards 1.9304 (Higher BB).

• Immediate support is seen at 1.9089 (38.2%fib) and break below could take the pair towards 1.8976 (50%fib).

Recommendation: Good to buy around 1.9180, with stop loss of 1.9000 and target price of 1.9250