FxWirePro:GBP/AUD drops below 1.9100 level, heads deeper into bear territory

• GBP/AUD slipped lower on Wednesday  after data showed British inflation cooled at its fastest pace in more than 30 years in October .

• The British consumer price index (CPI) rose by 4.6% in the 12 months to October, from September's 6.7% increase, according to the Office for National Statistics.

• GBP/AUD drops below the 21DMA, slide halts at the 1.9078 (38.2% fib),break below will accelerate towards  1.9000  level.

• Technicals are favouring bearish sentiment as RSI is at 46 and the pair is trading below   5,10 & 11-DMAs. 

• Immediate resistance is located at 1.9145 (21DMA), any close above will push the pair towards 1.9185(50% fib)

• Strong support is seen at 1.9078 (38.2% fib)and break below could take the pair towards 1.8958 (23.6% fib).

Recommendation: Good to sell  around 1.9110  with stop loss of 1.9250   and target price of  1.9000