FxWirePro: GBP/AUD under pressure after early buying dries up

• 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