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• GBP/AUD slumped on Wednesday as Australian dollar climbed sharply against pound after data showed Australia inflation jumped to 6-mth high.
• Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose at an annual pace of 4.0% in May, up from 3.6% in April and well above market forecasts of 3.8%.
• The is pair heading towards the 23.6% fib support, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 38, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9046(38.2% fib), any close above will push the pair towards 1.9112 (50% fib).
• Strong support is seen at 1.8958 (23.6% fib)and break below could take the pair towards 1.8922 (Lower BB)
Recommendation: Good to sell on around 1.8990, with stop loss of 1.9100 and target price of 1.8900
