• GBP/AUD held steadied around 1.9265 on Tuesday as traders awaited key UK economic data due on Wednesday.
• UK consumer and producer prices data will be closely watched on Wednesday, as the Bank of England's (BoE) upcoming monetary policy decision approaches.
• Forecasts indicate a steady 3.5% YY print for UK core CPI and slight dip for headline CPI to 1.9% YY.
• Technicals highlight upside risks. The 10- and 21-day moving averages lend support, daily RSI is rising.
• Immediate resistance is located at 1.9280(23.6%fib), any close above will push the pair towards 1.9314 (June 12th high).
• Strong support is seen at 1.9198(38.2%fib) and break below could take the pair towards 1.9146 (50%fib).
Recommendation: Good to buy around 1.9270, with stop loss of 1.9180 and target price of 1.9320
