• GBP/AUD initially gained on Thursday but later gave up some ground as expectations of a BoE rate cut weighed down sterling.
• Traders on Thursday increased their bets on BoE rate cuts ahead of next week's decision.
• The pair hit daily low at 1.9759, but retrated back , it was last up 0.28% at 1.9667.
• Technical signals are bullish as RSI is at 79, daily momentum studies 5,9,21 DMA are trending north.
• Immediate resistance is located at 1.9759(23.6%fib), any close above will push the pair towards 1.9800 (Psychological level).
• Strong support is seen at 1.9608 (38.2%fib) and break below could take the pair towards 1.9492 (50%fib).
Recommendation: Good to buy around 1.9660 with stop loss of 1.9550 and target price of 1.9750.
