• GBP /AUD steadied above1.8300 on Thursday after Bank of England raised borrowing costs by 25 bps, in line with expectations.
• The BoE move comes after similar hike from the Fed, which raised rates by 25 bps to the 4.75%-5.00% range on Wednesday.
• The pair hit daily high at 1.8362 and was last trading at 1.8334 at (GMT 16:17).
• Technical signals show the pair could gain more ground in the short-term as RSI is at 70 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.8362 (23.6% fib), any close above will push the pair towards 1.8431 (Higher BB).
• Immediate support is seen at 1.8275 (5DMA) and break below could take the pair towards 1.8177 (38.2%fib).
Recommendation: Good to buy on dips around 1.8270, with stop loss of 1.8160, and target price of 1.8380
