FxWirePro: GBP/AUD early gains fade, reversal is likely

• GBP/AUD reversed early gains on Wednesday  as investors digested Fed rate decision and awaited  upcoming Bank of England's rate decision.

• The U.S. Federal Reserve maintained steady interest rates but signaled the possibility of rate cuts as early as September.

• Investors were primarily focused on the Bank of England's interest rate decision on Thursday ,with greater uncertainty than usual since policymakers have not spoken publicly for over two months.

• Pair traded in   1.9822/1.9623 range and was last trading at 1.9644 in    US   session.

•  Immediate resistance is located at 1.9752(23.6%fib), any close above will push the pair towards 1.9822(Higher BB)

• Strong  support is seen at 1.9589(38.2%fib) and break below could take the pair towards 1.9471(50%fib).

Recommendation: Good  to sell around 1.9650, with stop loss of 1.9750 and target price of 1.9560