• GBP/AUD eased slightly as the pairs bullish movement stalled as markets reassessed interest rate path of Bank of England.
• Bank of England governor Andrew Bailey said last week the central bank could become 'more aggressive' on rate cuts if inflation pressures continue to weaken.
• The pair hit daily high at 1.9476, but retreated slightly , it was last down 0.08% at 1.9442.
• Technical signals are bullish as RSI is at 51, daily momentum studies 5,9,21 DMA are trending north.
• Immediate resistance is located at 1.9472(38.2%fib), any close above will push the pair towards 1.9554 (23.6%fib).
• Strong support is seen at 1.9405 (50%fib) and break below could take the pair towards 1.9347(61.8%fib).
Recommendation: Good to buy around 1.9430 with stop loss of 1.9360 and target price of 1.9510
