• GBP/AUD recovered some ground on Wednesday as Australian dollar slipped after surprisingly soft inflation data.
• Australian consumer prices rose just 0.6% in the first quarter, economists had forecasted for 0.9%.
• GBP/AUD traded hit high at 1.7962 earlier in Asian session. It has eased from the highs and is currently around 1.7904 at GMT 19:27.
• GBP/AUD remains vulnerable, only a close back above 1.8237 (30 DMA), could upset the bearish order.
• Immediate resistance is located at 1.7964 (Daily high ), any close above will push the pair towards 1.7995 (50%fib).
• Strong support is seen at 1.79858 (38.2%fib) and break below could take the pair towards 1.7753 (Lower BB).
Recommendation: Good to sell around 1.7920, with stop loss of 1.7800 and target price of 1.7850
