• GBP/AUD rose initially but later retreated as sterling gave up earlier gains following the Bank of England’s rate cut.
• The Bank of England's Monetary Policy Committee voted 5-4 to cut rates by 25 basis points, matching expectations, but revealed a notable split: Swati Dhingra and Alan Taylor supported a deeper 50-point cut, while Huw Pill and Catherine Mann favored keeping rates unchanged..
• The BoE's rate cut followed the U.S. Federal Reserve's decision to keep interest rates unchanged, though the Fed warned of increased risks of rising inflation and unemployment.
• Technical are bearish, daily RSI is down at 48 , daily momentum studies 9 and 10 DMAs are trending south.
• Immediate resistance is located at 2.0849 (50%fib ), any close above will push the pair towards 2.1076 (Higher BB).
• Strong support is seen at 2.0572(61.8%fib ), and break below could take the pair towards 2.0515(Lower BB).
Recommendation: Good to sell around 2.0720 with stop loss of 2.0850 and target price of 2.0650
