• GBP/AUD strengthened on Wednesday as investors digested Bank of England Governor Andrew Bailey comments.
• The Bank of England is not in a position to consider cutting interest rates, Governor Andrew Bailey said on Wednesday, despite oil prices falling back near pre‑Iran war levels..
Bank of England Governor Andrew Bailey reiterated that the BoE does not need to rush policy decisions, saying it can wait to assess how the recent spike in oil prices—which has since eased—affects the UK economy.
• PMI data showed that Britain's manufacturing activity cooled in June despite a boost from stockpiling ahead of price hikes and supply chain disruption worries..
• The S&P Global's UK Manufacturing Purchasing Managers' Index for June fell to 52.5, below a preliminary estimate of 53.1 and May's 53.9..
• Immediate resistance is located at 1.9287( Higher BB), any close above will push the pair towards 1.9424(23.6%fib).
• Strong support is seen at 1.9193(38.2%fib) and break below could take the pair towards 1.8509 ( lower BB).
Recommendation: Good to buy around 1.9260, with stop loss of 1.9180 and target price of 1.9350
