• GBP/AUD continued its recent descent on Thursday as Australian dollar was boosted by higher commodity prices.
• Oil prices climbed to their highest level in almost three months as increase was driven by the release of U.S. inflation data.
• The is pair heading towards the 50% fib support, as near term direction of the pair is likely to be driven by current price action.
• Immediate resistance is located at 1.9114 (14DMA), any close above will push the pair towards 1.9153(38.2%fib).
• Strong support is seen at 1.8991(50%fib)and break below could take the pair towards 1.8838(61.8%fib).
Recommendation: Good to sell on around 1.9080, with stop loss of 1.9160, and target price of 1.9000.
