• GBP/AUD dipped on Wednesday as uncertainty around the Trump administration's tariff policies and a more dovish BoE.rate outlook weighed on sterling
• The Bank of England has cut rates by 25bp quarterly since August 2024, with markets forecasting a 68% chance of another cut in February.
• A Markets are pricing in roughly 65 basis points of rate cuts from the BoE this year.
• Immediate resistance is located at 1.9742(38.2%fib), any close above will push the pair towards 1.947(lower BB).
• Immediate support is seen at 1.9611(38.2%fib) and break below could take the pair towards 1.9505 (lower BB).
Recommendation: Good to buy round 1.9650, with stop loss of 1.9750 and target price of 1.9500
