• 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
