• GBP/AUD initially dipped on Wednesday as but recovered ground after hotter-than-expected UK inflation.
• Data showed British annual consumer price inflation held at an 18-month low of 6.7% in September, while the core inflation fell less than expected, raising fears of another BoE rate hike.
• A close above resistence at 1.9203 (38.2% fib)will give further momentum to bulls, opening the way for a run towards 1.9300 level.
• Technical are bullsih daily RSI is turning up, daily momentum studies 5 and 9 DMAs are trending up.
• Immediate resistance is located at 1.9203 (38.2% fib), any close above will push the pair towards 1.9301 (Higher BB).
• Strong support is seen at 1.9067 (50% fib) and break below could take the pair towards 1.9000 (Psychological level).
Recommendation: Good to but on around 1.9150, with stop loss of 1.9060 and target price of 1.9220
