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FxWirePro: GBP/AUD continues to recovers , upside pressure builds

• GBP/AUD steadied  on Monday as traders evaluated the prospect of a single BoE interest rate hike toward the end of the year..

• Markets now see a 70% likelihood of a single Bank of England rate increase in 2026, a notable pullback from just weeks ago when traders expected at least one hike and were strongly pricing in a second..

• BoE Governor Andrew Bailey stated last week that the central bank is not yet in a position to begin discussing interest rate cuts..

• Oil prices falling back toward $70 per barrel have lessened the need for further interest rate hikes by central banks, including the Bank of England..

• Immediate resistance is located at 1.9359(23.6%fib), any close above will push the pair towards 1.9407(Higher BB).

• Immediate support is seen at 1.9201(38.2%fib) and break below could take the pair towards 1.9086(50%fib).

Recommendation: Good to buy around 1.9240, with stop loss of 1.9150 and target price of 1.9300

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