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FxWirePro: GBP/AUD trends higher, but faces potential pitfalls

• GBP/AUD edged higher  on Tuesday  but gains were limited investors awaited host of economic data from Britain .

• The consumer price index for September is scheduled on Wednesday, and economists surveyed predict core CPI to decline to 3.4% on an annual basis.

• Producer price figures are scheduled for release on the same day.British retail sales figures for September are due on Friday.

•A daily close above  38.2%fib  will further improve the technical outlook, and open the possibility of a rally towards 1.9500 level

• Immediate resistance is located at 1.9454(38.2%fib), any close above will push the pair towards 1.9553(23.6%fib).

• Immediate support is seen at 1.9394 (50%fib) and break below could take the pair towards 1.9327 (61.8%fib).

Recommendation: Be on sidelines

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