• 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
