• GBP/ AUD dipped on Friday but loses were limited as the market absorbed UK manufacturing data and remarks from the Bank of England's Pill.
•In his recent speech, Pill mentioned that monetary policy might retain a restrictive stance even as the Bank of England initiates rate cuts
• S&P Global/CIPS UK Manufacturing Purchasing Managers' Index (PMI) rose last month to 47.5 from 47.0 in January - revised up from a preliminary reading of 47.1
• GBP/ AUD beginning to play out sideways from past two days between 1.9508 and 1.9364 as market await fresh catalyst.
• Immediate resistance is located at 1.9483(38.2%fib), any close above will push the pair towards 1.9532( Higher BB).
• Immediate support is seen at 1.9358 (Daily low) and break below could take the pair towards 1.9316(38.2%fib)
Recommendation: Be on sidelines
