FxWirePro:GBP/AUD steadies above 1.9400 level, retains bid tone

• GBP/ AUD  steadied above 1.9400 level on Monday as the pair attracted buyers ahead of  Bank of England later in the week.

•  The central bank is widely expected to keep rates at current levels in the upcoming meeting, although the focus will be on ascertaining the timing of the first rate cut.

• The pair currently is approaching resistance at 1.9447(23.6%fib). A break above  1.9447 level would unmask 1.9500 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is bullish at 53,while moving averages are trending higher. 

• Immediate resistance is located at 1.9447(23.6%fib), any close above will push the pair towards 1.9515 (Higher BB).

• Immediate support is seen at 1.9286(38.2%fib) and break below could take the pair towards 1.9245 (Lower BB).

Recommendation: Good to buy around 1.9400, with stop loss of 1.9300 and target price of 1.9480