• GBP/AUD strengthened on Friday as risk sensitive pound steadied ahead Bank of England meeting.
• Economists polled expect the BoE to raise rates by a further quarter point on May 11 to 4.5%raders lean on hawkish BoE expectations..
• A rally towards is 1.9200 level is possible if GBP/AUD bulls overcome resistance at 1.9149(23.6%fib).
•Technical signals are bullish as RSI is at 73, daily momentum studies 5 DMA, 9 EMA are trending up.
• Immediate resistance is located at 1.9043 (Daily high ), any close above will push the pair towards 1.9149(23.6%fib).
• Strong support is seen at 1.8808(38.2%fib) and break below could take the pair towards 1.8680 (9DMA).
Recommendation: Good to buy on dips around 1.9000 with stop loss of 1.8900 and target price of 1.9100
