• GBP/ AUD dipped on Monday as investors focused to the upcoming Reserve Bank of Australia (RBA) Meeting Minutes and domestic inflation data.
•Investors will closely scrutinize the Reserve Bank of Australia (RBA) Meeting Minutes to assess the board’s level of consensus on recent policy decisions.
• On Wednesday, investor focus will shift to Australia’s Monthly Consumer Price Index (CPI) report for July.Stronger-than-expected inflation could support tighter policy expectations, while softer readings may ease concerns about price pressures..
• Technical signals are bullish as RSI is at 52, daily momentum studies 5,9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.0876(50%fib), any close above will push the pair towards 2.1094(Higher BB).
• Immediate support is seen at 2.0700(SMA 20) and break below could take the pair towards 2.0531(61.8%fib).
Recommendation: Good to buy around 2.0700 with stop loss of 2.0650 and target price of 2.0800
