• GBP/AUD strengthened on Thursday as investors looked ahead to the Bank of England's interest rate decision next week.
• The Bank of England is widely expected to keep rates on hold at 5.25% next Thursday. Market pricing shows traders think the BoE is most likely to cut borrowing costs in August.
• At GMT 18:28, the pair was trading up 0.26 percent at 1.9365 after reaching daily high at 1.9413.
• Technical signals are bullish as RSI is at 52, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.9417 (23.6%fib ), any close above will push the pair towards 1.9417 (Feb 29th high).
• Strong support is seen at 1.9271 (38.2% fib) and break below could take the pair towards 1.9217(Lower BB).
Recommendation: Good to buy on dips around 1.9350, with stop loss of 1.9270 and target price of 1.9430
