• GBP/AUD eased on Tuesday as dovish BoE rate outlook kept sterling on the back foot.
• BoE has almost certainly reached the end of its campaign of raising interest rates, after the central bank last week left monetary policy unchanged with the economy slowing.
• A close below 23.6% fib will likely trigger a new bearish phase with potential for 1.8850.
• Technicals are favouring bearish sentiment as RSI is at 32 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 1.9026 (5DMA), any close above will push the pair towards 1.9100(38.2%fib)
• Strong support is seen at 1.8943 (23.6% fib)and break below could take the pair towards 1.8873 (Lower BB).
Recommendation: Good to sell around 1.9000, with stop loss of 1.9150 and target price of 1.8900
