• GBP/AUD strengthened on Tuesday as bids may emerge around as 1.9072 traders looked ahead to the Bank of England's policy announcement on Thursday..
• Britain's central bank is expected to keep interest rates unchanged at a 15-year high of 5.25% when it announces policy this week.
• A daily close above 38.2%fib will further improve the technical outlook, and open the possibility of a rally towards 1.9240 level.
• Technical signals are bullish as RSI is at 54, daily momentum studies 5,9,21 DMA are trending north.
• Immediate resistance is located at 1.9208 (38.2%fib), any close above will push the pair towards 1.9262(Oct 26th high).
• Strong support is seen at 1.9072(50%fib) and break below could take the pair towards 1.9012(Oct 25th low).
Recommendation: Good to buy around 1.9150 with stop loss of 1.9050 and target price of 1.9240
