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FxWirePro: GBP/AUD steadies around 2.0970,retains bid tone

• GBP/AUD steadied on Wednesday as markets looked for clearer signals on whether the Bank of England will cut rates again at its June meeting.

• Stronger-than-expected UK inflation data and a hawkish vote split at the Bank of England's last meeting have led traders to sharply scale back expectations for additional rate cuts this year..

•Meanwhile, Investors also looked towards a multi-year spending review by finance minister Rachel Reeves in two weeks which will set the budgets for public services.

• Technical signals are bullsih as RSI is heading up at 60, daily momentum studies  11, 14 and 21 DMAs are trending up.

• Immediate resistance is located at 2.1090 (38.2% fib), any close above will push the pair towards 2.1175(Higher BB).

• Strong support is seen at 2.0805(50% fib) and break below could take the pair towards 2.0695 (May 20th low)

Recommendation: Good to buy  around 2.0950, with stop loss of 2.0820 and target price of 2.1080

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