• GBP/AUD declined on Wednesday after data showed Britain's inflation slowed in March.
• British consumer price inflation slowed by less than expected to a two-and-a-half-year low of 3.2% in annual terms in March, down from a 3.4% increase in February.
• The market eagerly awaited the Australian employment data scheduled for Thursday, which could potentially impact GBP/AUD pair. Forecasts suggest modest job growth.
• The BoE is still expected to cut interest rates later this year but investors trimmed their bets on the scale of its moves, fully pricing in only one quarter-point cut by the end of 2024.
• Immediate resistance is located at 1.9429(23.6%fib), any close above will push the pair towards 1.9500 (March 19th high).
• Support is seen at 1.9312(EMA 5) and break below could take the pair towards 1.9281(38.%fib).
Recommendation: Good to sell around 1.9350, with stop loss of 1.9500 and target price of 1.9260
