• GBP/AUD initially gained on Tuesday but gave ground as investors awaited Bank of England rate cut on Thursday.
• The BoE, which is widely expected to cut rates by 25 basis points (bps) on Thursday, could nudge investors to exect faster rate reductions.
• The U.S. and China unsettled financial markets on Tuesday with tit-for-tat tariffs, increasing fears of a wider, damaging trade conflict.
• At (GMT 12:21) Pound was trading at down 0.23% to 1.9952 against the Australian dollar.
• Immediate resistance is located at 2.0086( 38.2%fib), any close above will push the pair towards 2.0152 (Higher BB)
• Strong support is seen at 1.9905(50%fib) and break below could take the pair towards 1.9811(Lower BB).
Recommendation: Good to sell around 1.9920, with stop loss of 2.0160 and target price of 1.9900
