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Short

Strong resistance for GBP/AUD at 2.0940, good to sell rallies

FX:GBPAUD   British Pound/Australian Dollar
218 0 7
Pound regained momentum against majors after better than expected inflation figures from the UK.

The UK CPI             for December inched higher from 0.0% to 0.1% m/m, while on yearly basis, the figures improved to 0.2% from 0.1% previously. The core gauge accelerated from 1.2% to 1.4% y/y.

GBP/AUD             spiked to 2.0750 post data, but spike was quickly faded, the pair now trades at 2.0627, Techs point south.

The pair has been trading a falling channel since August, 2.0940 is strong resistance (channel top), daily cloud also weighs on the topside.

The pair has immediate resistance at 2.0838 (cloud base) and then at 2.0940 (channel top), while immediate support on the downside is located at 2.0613 (Jan 18 lows).

We would sell rallies in the pair around 2.0700, SL: 2.0940, TP: 2.0480/2.0350
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