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FxWirePro: GBP/AUD range to extend until there is game changing new

• 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
 

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