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FxWirePro: GBP/AUD getting back on track for run towards 1.9700 level

• GBP/ AUD initially dipped but trimmed losses as   traders awaited the U.S. election results and the Bank of England's interest rate decision later in the week.

• The BoE's rate-setting meeting on Thursday  , BoE is widely expected to cut rates by 25 basis points.

 • Investors will closely monitor remarks from BoE Governor Andrew Bailey for any insights on the government's spending plans.

• Immediate resistance is located at 1.9700 (38.2%fib), any close above will push the pair towards 1.9792 (Oct 31st high).

• Immediate support is seen at 1.9594 (50%fib) and break below could take the pair towards 1.9546(21SMA).

Recommendation: Good to buy around 1.9600, with stop loss of 1.9500 and target price of 1.9700

 

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