GBPAUD Chart Technical Outlook slides after strong Australian inflation, likely to test the 0.8900 area
The Aussie Dollar is appreciating across the board as the strong Australian CPI levels have boosted speculation of further tightening by the RBA. Technical indicators show a strong bearish momentum and the daily chart shows a bearish engulfing candle in progress.
In the absence of relevant UK macroeconomic data to ease negative pressure, the support level at 0.8955 is being tested at the moment. A revisit of the mid-term lows at 0.8900 seems likely.
