FxWirePro: GBP/AUD slips lower, remains on bearish path

• GBP/AUD  dipped on Wednesday  as investors assessed U.S. inflation data  and Middle East tensions  .

• The Personal Consumption Expenditures Price Index, which the Fed uses to set its inflation ​target, increased 3.7% in the 12 months through July, the Commerce Department's Bureau of ​Economic Analysis said on Wednesday. Economists polled by Reuters had forecast a reading of 3.6%.

•Traders now see ‌a ⁠40% chance of a rate hike next month, compared with 36% before the data, and are pricing in a 60% chance that the Fed will leave rates unchanged, according to the CME FedWatch Tool.

• On the ​geopolitical front, ⁠Iran and Oman are still working on the details of an agreement on the Strait of Hormuz, a senior Iranian source said on Wednesday, after Iran's Revolutionary Guards said the two countries ⁠had ​agreed how to share the waterway and its revenue.

• Immediate resistance is located at 1.9083 (50%fib), any close above will push the pair towards 1.9180 (Aug 21st high).

• Immediate support is seen at 1.8909(38.2%fib) and break below could take the pair towards 1.8681(23.6%fib).

Recommendation: Good to sell around 1.8950, with stop loss of 1.9050 and target price of 1.8900