FxWirePro: GBP/AUD under pressure as pound continues to weaken

• GBP/AUD edged lower on Wednesday after data showed U.K. inflation eased to a ten-month low in January.

• British inflation   fell to its lowest since March last year, boosting expectations of a near-term rate cut by the Bank of England, though underlying price pressures remain elevated.

• UK consumer prices rose 3.0% YoY in January, down from 3.4% in December, as transport, food, and non-alcoholic drink prices increased more slowly, according to the Office for National Statistics.

• Core inflation, excluding energy, food, alcoholic beverages and tobacco, rose by 3.1% in January, the least since 2021.

• Immediate resistance is located at 1.9301(Feb 16th high ), any close above will push the pair towards 1.9434(SMA20).

• Strong support is seen at 1.9094(23.6%fib) and break below could take the pair towards 1.9000 (Psychological level).

• Recommendation: Good to sell on  around 1.9160 with stop loss of 11.9220 and target price of 1.9000