• GBP/ AUD strengthened on Wednesday after data showed UK inflation data topped expectations .
• UK consumer prices rose 11.1% in the 12 months to October, the most since October 1981 and a big jump from 10.1% in September.
• The pair currently is approaching resistance at 1.7677( 11DMA). A break above would unmask 1.7800 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI is is rising at 51,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.7677( 11DMA), any close above will push the pair towards 1.7806 (23.6%fib).
• Immediate support is seen at 1.7489 (38.2%fib) and break below could take the pair towards 1.7404 (Lower BB).
Recommendation: Good to buy around 1.7670, with stop loss of 1.7580 and target price of 1.7750
