• GBP/ AUD rose on Wednesday as pound was supported by 30-year high UK inflation data.
•Data showed British consumer prices jumped to an annual rate of 7.0% in March, the highest since March 1992 and up from 6.2% in February.
• The pair currently is approaching resistance at 1.7685 (30DMA). 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 at 55,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.7685( 30DMA), any close above will push the pair towards 1.7797 (38.2%fib).
• Immediate support is seen at 1.7507 (50%fib) and break below could take the pair towards 1.7409(April 12th Low).
Recommendation: Good to buy around 1.7580, with stop loss of 1.7400 and target price of 1.7680
