FxWirePro

GBP/AUD finds stiff resistance at 1.9250, book full profits

FX:GBPAUD   British Pound / Australian Dollar
139 0 4
GBP/AUD             pair spiked above 0.91 handle after poor Australia CPI             data today raised RBA rate cut bets.

Low inflation , on its own, is not a trigger for a rate cut. RBA will likely wait to see a new weaker trend in domestic activity and employment before it would embark on such a strategy.

On weekly charts we see major hurdle at 1.9250 levels which is 23.6% Fib of 2.2372 to 1.8293 fall.

Further upside only on breaks above. Momentum studies are neutral. We recommend booking full profits on the previous call for now.
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