• GBP/AUD steadied on Wednesday as investors focus turned to BoE rate verdicts on horizon.
• The Bank of England is also expected to stand pat on Thursday, to discussions between dovish and hawkish policymakers for clues on future rate cuts.
• Markets have priced in at least two rate cuts from both the BoE and the Fed this year, as investors grapple with the possible economic impact of escalating trade wars.
• Technical are bullish, daily RSI is up at 60 , daily momentum studies 9 and 10 DMAs are trending north.
• Immediate resistance is located at 2.0508 (Daily high ), any close above will push the pair towards 2.600 (Higher BB).
• Strong support is seen at 2.0364(38.2%fib ), and break below could take the pair towards 2.0257(Daily low low).
Recommendation: Good to buy around 2.0380 with stop loss of 2.0200 and target price of 2.0500
