• GBP/AUD dipped on Monday as Australian dollar firmed against pound on expectations that the RBA will hold rates steady.
• The Reserve Bank of Australia is widely viewed as remaining in a holding pattern on rates well into the coming months
• Focus now turns to appearances by Reserve Bank of Australia Governor Michele Bullock and Deputy Governor Andrew Kent at the Senate Economics Legislation Committee on Wednesday.
• Investors will also be watching Australia’s GDP data on Wednesday, where expectations are centered on a 0.7% quarter-on-quarter rise.
• Immediate resistance is located at 2.0280(Nov 28th high), any close above will push the pair towards 2.0357(50%fib).
• Immediate support is seen at 2.0186 (38.2%fib) and break below could take the pair towards 2.0020(Lower BB).
Recommendation: Good to sell around 2.0220 with stop loss of 2.0270 and target price of 2.0060
