• GBP/AUD retreated on Wednesday from daily high as fractionally cooler than expected UK CPI data weighed on the pound.
• Britain's inflation cooled to 3.4% in February ahead of the Bank of England's monetary policy verdict on Thursday.
• Pair traded in 1.9454/1.9508 range and was last trading at 1.9468 in the US afternoon session.
• Technical signals are bullish as RSI is at 58, daily momentum studies 5, 30 DMAs are trending north.
• Immediate resistance is located at 1.9508 (23.6%fib), any close above will push the pair towards 1.9556(Higher BB).
• Strong support is seen at 1.9388 (March 19th low) and break below could take the pair towards 1.9334 (38.2% fib).
Recommendation: Good to buy on dips around 1.9460 with stop loss of 1.9360 and target price of 1.9540
