• 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
