• GBP/AUD traded in tight range on Tuesday as market participants awaited the Bank of England's upcoming interest rate decision.
• Traders are currently estimating a nearly 60% probability that the Bank of England will reduce interest rates by 25 basis points to 5.0% on August 1.
• Investors are also closely monitoring the monetary policy decisions from the Bank of Japan and the Federal Reserve, both scheduled for Wednesday.
• Pair traded in 1.9598/1.9662 range and was last trading at 1.9630 in US afternoon session.
• Immediate resistance is located at 1.9705(23.6%fib), any close above will push the pair towards 1.9778(Higher BB)
• Strong support is seen at 1.9567(38.2%fib) and break below could take the pair towards 1.9454(50%fib)
Recommendation: Good to buy around 1.9620, with stop loss of 1.9550 and target price of 1.9700
