• GBP /AUD strengthened on Wednesday as BoE rate hike expectations boosted pound.
• Investors have now fully priced a 25-basis-point rise in the BoE's main interest rate to 0.50% on Feb. 3rd
• The pair is currently approaching 38.2%fib,a break above will take pair towards next resistance at 1.9172.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 60 bullish, moving averages are trending up.
• Immediate resistance is located at 1.9049(38.2% fib), any close above will push the pair towards 1.9176 (23.6%fib).
• Immediate support is seen at 1.8986(9DMA) and break below could take the pair towards 1.8839 (61.8%fib).
Recommendation: Good to buy on dips around 1.9040, with stop loss of 1.9000 and target price of 1.9150.
