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FxWirePro: GBP /AUD fades from highs after U.S. inflation data

• GBP/AUD retreated from daily high on Wednesdays after data showed cooler-than-expected headline inflation in March.

• GBP /AUD fell as low as 1.8549 before buyers returned  .Support at 1.8440(38.2%fib) is holding   but break would warn of correction.

• Technical signals are bullish as RSI is at 69, daily momentum studies  10,11 and 14 DMAs are trending up.

• Immediate resistance is located at 1.8708( Daily high), any close above will push the pair towards 1.8837 (23.6%fib).

• Immediate support is seen at 1.8440(38.2%fib) and break below could take the pair towards 1.8436(20DMA).

Recommendation: Good to buy  around 1.8630, with stop loss of 1.8550  and target price of 

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