• GBP/AUD dipped below 1.9600 level on Thursday after the Bank of England cut interest rates following a tight vote by its policymakers.
• The BoE cut interest rates from 5.25% to 5.00%. Governor Andrew Bailey led the 5-4 decision to reduce rates by a quarter-point.
• The Bank of England is staying tight-lipped on when it expects to cut rates again, but investors are betting on another rate cut this year.
• Immediate resistance is located at 1.9671 (38.2% fib), any close above will push the pair towards 1.9818(23.6%fib)
• Strong support is seen at 1.9536 (50% fib)and break below could take the pair towards 1.9395 (61.8% fib).
Recommendation: Good to sell around 1.9630, with stop loss of 1.9700 and target price of 1.9550
