• GBP/AUD after initially gaining on Tuesday the pair gave up ground as investors awited the Bank of England's policy announcement on Thursday .
•The Bank of England is widely anticipated to vote 8-1 in favor of maintaining interest rates as it contends with an unstable inflation outlook affecting the UK economy.
• In an up-and-down session, the pair hit high at 1.9042 in early trading then fell towards 1.8938.
• Technical signals show the pair could lose more ground in the short-term as RSI is trending down, daily momentum studies 5, and 9 DMAs are trending down.
• Immediate resistance is located at 1.9065 (38.2%fib), any close above will push the pair towards 1.9169 (50%fib).
• Strong support is seen at 1.8938(23.6%fib) and break below could take the pair towards 1.8885 (Lower BB )
Recommendation: Good to sell around 1.8960 with stop loss of 1.9100 and target price of 1.8900
