FxWirePro:GBP/AUD downside pressure builds, key support level in focus

• GBP/AUD declined on Wednesday as   stronger than expected Australian CPI data  gave support to Australian dollar.

• On Wednesday, data from the Australian Bureau of Statistics revealed that the Consumer Price Index (CPI) increased by 3.5% annually in July.

•A key measure of core inflation, the trimmed mean, eased to an annual 3.8% in July, down from 4.1%.

• GBP/AUD dipped to trade at 1.9462 after pulling back from overnight top, when it climbed to 1.9543

• Immediate resistance is located at 1.9565 (50%fib ), any close above will push the pair towards 1.9670(Aug 6th high).

• Immediate support is seen at 1.9434 (50%fib ), break below could take the pair towards 1.9297(61.8%fib).

Recommendation: Good to sell around 1.9470 with stop loss of 1.9570 and target price of 1.9320