• GBP/AUD bear run extended towards 1.8990 on Tuesday as traders kept their attention on Britain's floundering economy.
• UK CPI and flash PMI data recently came in below forecast which has reduced odds for a 50bp BoE hike on Aug. 3 down from near 80% pre-CPI to the current 41%.
• At GMT 19:22, the pair was trading down 0.17 percent at 1.8989 after reaching daily low at 1.8939.
•Technical signals show the pair could lose more ground in the short-term as RSI is at 48 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 1.9037 (5DMA), any close above will push the pair towards 1.9065(38.2%fib)
• Immediate support is seen at 1.8945(50%fib ) and break below could take the pair towards 1.8880 (Lower BB).
Recommendation: Good to sell around 1.9000, with stop loss of 1.9100 and target price of 1.8920
