• GBP/AUD declined on Wednesday, as markets anticipated a rate cut at Thursday's Bank of England policy meeting.
• Traders and investors are anticipating a 25 basis point rate cut to 4.5% by the Bank of England on Thursday, as a result of slowing UK growth and a decline in persistent services inflation.
• Money market pricing showed traders expected around 84 bps of BoE easing this year. The Bank started lowering its main rate from 5.25% in August.
• Immediate resistance is located at 1.9938 (5SMA), any close above will push the pair towards 2.0038(38.2%fib).
• Immediate support is seen at 1.9874(50%fib) and break below could take the pair towards 1.9725 (61.8%fib).
Recommendation: Good to sell round 1.9900, with stop loss of 1.9980 and target price of 1.9820
