• GBP/AUD recovered some ground on Tuesday as the pair pushed its recovery envelope from 1.9264 level as investors assessed the policy path of the British and the U.S. central banks.
•Bank of England Chief Economist Huw Pill stated that the primary question for the majority of the central bank's policymakers was not if, but when it would be suitable to commence interest rate cuts.
• Pair traded in 1.9244/1.9355 range and was last trading at 1.9319 up 0.01 percent in the US afternoon.
• Technical signals are bearish as RSI is at 60, daily momentum studies 5,9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.9420(23.6%fib), any close above will push the pair towards 1.9472(Higher BB).
• Strong support is seen at 1.9251 (38.2%fib ) and break below could take the pair towards 1.9182 ( (Jan 30th low).
Recommendation: Good to buy around 1.9310, with stop loss of 1.9230 and target price of 1.9390
