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• GBP/AUD edged higher on Monday as investors awaited for RBA and Bank of England policy meetings this week.
•The Reserve Bank of Australia is expected to raise interest rates on Tuesday, joining a long list of central banks now expected to tighten policies at a much faster pace than previously thought to tame surging inflation.
• The BoE is expected to raise interest rates at a fourth meeting in a row on May 5, the first time it has done that since 1997.
• The pair currently is approaching resistance at 1.7732( 38.2%fib). A break above 1.7732 would unmask 1.7850 level in the short term.
• Technical signals are bullish as RSI is at 52, daily momentum studies 5, 9 and 11 DMAs are trending north.
• Immediate resistance is located at 1.7732 (38.2%fib ), any close above will push the pair towards 1.7878(Higher BB).
• Strong support is seen at 1.7681(5DMA) and break below could take the pair towards 1.7584 (50% fib).
Recommendation: Good to buy on dips around 1.7700, with stop loss of 1.7580 and target price of 1.7830.
