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FxWirePro: GBP/AUD tight ranges prevail as market waits for fresh catalyst

• GBP/AUD traded in narrow range  on Tuesday  as traders prepared for US CPI on Wednesday, UK August GDP and output data on Thursday,

.• Investors are awaiting Thursday’s release of UK GDP figures for August for fresh insights into the economy’s performance.

• The UK economy is forecast to shrink by 0.1% in August after expanding 0.4% in July, while manufacturing and industrial production figures will provide further clues about economic momentum.

.• Investors are looking to Wednesday’s US CPI report for fresh clues on the Fed’s interest-rate outlook, which could influence the dollar’s performance.

• Immediate resistance is located at 1.9018(50%fib), any close above will push the pair towards 1.9104(61.8%fib).

• Immediate support is seen at 1.8942(50%fib) and break below could take the pair towards 1.8918(Lower BB).

Recommendation: Good to buy around 1.8940, with stop loss of 1.8870 and target price of 1.9000

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