• GBP/AUD rose sharply on Tuesday after data showed that UK wage growth surpassed expectations, increasing the likelihood that the BoE will refrain from rushing rate cuts next year.
• Average weekly earnings, excluding bonuses, increased by 5.2% in the three months to October compared to the same period last year, according to the Office for National Statistics.
• The Bank of England will announce its monetary policy decision on Thursday, with markets anticipating that rates will stay at 4.75%.
• Technical are bullish, daily RSI is positive at 65, 11 and 14 DMAs are trending up.
• Immediate resistance is located at 2.0083(23.6%fib ), any close above will push the pair towards 2.0154 (Higher BB).
• Strong support is seen at 1.9925(38.2%fib) and break below could take the pair towards 1.9793(50%fib).
Recommendation: Good to buy around 2.0050 , with stop loss of 1.9920 and target price of 2.0150
