• GBP/AUD initially gained but gave up ground as investors digested Bank of England rate decision and Australian jobs data
• Bank of England kept its main interest rate on hold at 4% after August's quarter-percentage-point cut, as expected.
• Data from the Australian Bureau of Statistics showed employment fell by 5,400 in August, against forecasts for a 21,500 gain, after a revised 26,500 increase in July. Full-time positions dropped sharply by 40,900
• The Australian unemployment rate held at 4.2%, still historically low, even as the participation rate declined to 66.8%.
• Immediate resistance is located at 2.0555 (SMA 20), any close above will push the pair towards 2.0722 (50% fib).
• Strong support is seen at 2.0376 (61.8% fib) and break below could take the pair towards 2.0266 (Lower BB).
Recommendation: Good to buy on around 2.0490, with stop loss of 2.0400 and target price of 2.0650
