FxWirePro: GBP/AUD consolidating around 1.8980, room for further gains

• GBP/AUD consolidated around 1.8980 as traders looking ahead to US inflation figures and UK GDP data for further direction.

• Attention is turning to the UK’s monthly economic growth data for August, due to be released on Thursday.

• The UK economy is forecast to contract by 0.1% after expanding 0.4% in July, while investors will also monitor manufacturing and industrial production figures..

.• The upcoming US inflation report on Wednesday is expected to play a key role in shaping dollar movements ahead of this month’s Fed meeting.

• US consumer sentiment weakened further in early October, with last week’s data showing that rising living costs linked to the Middle East conflict dampened households’ economic outlook.

• Immediate resistance is located at 1.9105 (50%fib), any close above will push the pair towards 1.9154(Higher BB).

• Immediate support is seen at 1.8916 (SMA 20) and break below could take the pair towards 1.8874(SMA 20).

Recommendation: Good to buy around 1.8950 with stop loss of 1.8900 and target price of 1.9050