• GBP/AUD declined sharply on Thursday as sterling attracted sellers after a dovish message from the Bank of England.
• The Bank of England kept its main interest rate unchanged at 4.75% on Thursday but policymakers became more divided about whether rate cuts were needed to tackle a slowing economy.
• The dovish tone from the Bank of England's policy statement led to sell-off in the pound.
• The sterling erased Wednesday’s gains against the Australian dollar , the pair was last down at 0.91% at 2.0036
• Immediate resistance is located at 2.0228(23.6% fib), any close above will push the pair towards 2.0425(Higher BB)
• Support is seen at 1.9997 (38.2% fib) and break below could take the pair towards 1.9819(50% fib).
Recommendation: Good to sell around 2.0080, with stop loss of 2.0150 and target price of 1.9960
