• GBP/AUD consolidated around 1.9173 level on Wednesday as sterling was supported by UK PMI data and a firm stance from Bank of England policymakers.
• A survey of purchasing manufacturers on Tuesday showed business activity in Britain picked up at its fastest pace in nearly a year
• BoE chief economist Huw Pill on Tuesday expressed caution about the prospect of early rate cuts and the date of the first one probably remains some way off , he said in a speech.
• A rally towards is 1.9300 level is possible if GBP/AUD bulls overcome resistance at 1.9251 (38.2%fib ).
• Immediate resistance is located at 1.9198 (38.2%fib ), any close above will push the pair towards 1.9267( 9SMA )
• Strong support is seen at 1.9084 (50%fib ) and break below could take the pair towards 1.8978 (61.8%fib ).
Recommendation: Good to buy on dips around 1.9160 with stop loss of 1.9070 and target price of 1.9230
