• GBP/AUD gained strength on Wednesday after a survey showed that the UK's services sector grew at its quickest pace since April last month..
• A survey revealed that UK services activity expanded last month at its quickest rate since April, with easing price pressures indicating a more favorable inflation outlook and a stabilizing economy following July's election.
• Last month, the BoE reduced borrowing costs for the first time since March 2020, lowering the rate to 5.0% from a 16-year high of 5.25%. Traders are anticipating at least one additional rate cut from the BoE before the year ends.
• Technically, the moving averages are indicating a up trend, while the Relative Strength Index (RSI) is s bullish at 57.
• Immediate resistance is located at 1.9621(38.2%fib), any close above will push the pair towards 1.9704(Aug 1st high).
• Immediate support is seen at 1.9480(50%fib) and break below could take the pair towards 1.9445 (Aug 27th low).
Recommendation: Good to buy around 1.9540, with stop loss of 1.9450 and target price of 1.9620
