FxWirePro: GBP/AUD neutral in the near-term, scope for downward resumption

• GBP/ AUD initially dipped but recovered some ground as investors digested   soft UK inflation data, UK budget presentation.

• British inflation eased to 2.8% in February, down from 3.0% in January, as clothing and footwear prices fell for the first time in over three years, according to the Office for National Statistics

•  British Finance Minister Rachel Reeves trimmed spending plans in Wednesday’s budget update, reassuring investors, though global trade war risks may lead to tax hikes later this year.

•Britain's Office for Budget Responsibility watchdog said higher U.S. import tariffs would dampen UK economic activity beyond any direct impact on the country's exports.

• Immediate resistance is located at 2.0601(23.6%fib), any close above will push the pair towards 2.0660(Higher BB ).

• Immediate support is seen at 2.0431( 38.2%fib) and break below could take the pair towards 2.0284(50%fib).

Recommendation: Good to buy around 2.0500, with stop loss of 2.0580 and target price of 2.0400