• GBP/AUD initially gained on Wednesday but gave up some ground on softer than expected UK CPI data .
• Data showed British consumer price inflation fell to 10.1% last month, more than the 10.3% expected and down from December's 10.5%..
• Scope is growing for an eventual break under 1.7377(38.2%fib), an eventual break below 1.7377 will accelerate downside towards1.7300.
• Technical signals are bearish as RSI 46, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7468(38.2%fib), any close above will push the pair towards 1.9197 (Jan 31st high)
• Strong support is seen at 1.7377(38.2%fib) and break below could take the pair towards 1.7265 (23.6%fib).
Recommendation: Good to sell around 1.7460, with stop loss of 1.7570 and target price of 1.7340.
