• GBP/AUD slipped to hit six-month low on Wednesday as softer than expected UK inflation data weighed on pound .
• Annual consumer price inflation in the United Kingdom decreased to 3.9% in November from 4.6% in October, the worst rate since September 2021.
• The pair hit daily low at 1.8728 and was last trading at 1.7044 (17:49 GMT) .
• A daily close a below 23.6% fib support will further improve downside bias , and open the possibility of a drop towards 1.8600 level.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 33.
• Immediate resistance is located at 1.8843(38.2% fib), any close above will push the pair towards 1.8903(Dec 19th high).
• Strong support is seen at 1.8679(23.6% fib ) and break below could take the pair towards 1.8603(July 6th low)
Recommendation: Good to sell around 1.8740, with stop loss of 1.8800 and target price of 1.8610
