• GBP/AUD initially gained on Tuesday but rally fizzled as investors awaited.
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• Economists expect inflation to have eased to 8.2% in June versus 8.7% in the previous
• At GMT 18:20, the pair was trading 0.11% down 1.9156, after hitting session high at 1.9282
• Technical signals are bullish as RSI is at 56, daily momentum studies 5,9,21 DMA are trending north.
• Immediate resistance is located at 1.9278 (23.6%fib ), any close above will push the pair towards 1.9345 (Higher BB).
• Strong support is seen at 1.9133 (38.2%fib) and break below could take the pair towards 1.9077 (21DMA).
Recommendation: Good to buy on dips around 1.9140 with stop loss of 1.9080 and target price of 1.9210
