• GBP/AUD dipped to hit 1-1/2 month on Friday as traders looked ahead to the Bank of England's interest rate decision next week.
• Pricing in derivatives markets shows traders think it highly likely that policymakers will increase borrowing costs by 25 basis points to 5.5%.
• A close below support at 61.8% fib will give further momentum to bears, opening the way for a run towards 1.9150 level.
• Technical are bearish, daily RSI is negative at 37, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9371 (5DMA ), any close above will push the pair towards 1.9454 (50% fib).
• Strong support is seen at 1.9208 (61.8% fib) and break below could take the pair towards 1.9182 (Lower BB).
Recommendation: Good to sell on around 1.9260, with stop loss of 1.9380 and target price of 1.9160
