• GBP/AUD retreated from daily high on Wednesday as the pair rise faded amid diminishing BoE rate hike expectations.
• Soft UK data and central bank rhetoric has shifted BoE policy expectations to more-dovish BoE rate expectations.
• GBP/ AUD traders around 1.9460,consolidation likely to continue while market seeks fresh factors.
• Immediate resistance is located at 1.9485 (38.2%fib), any close above will push the pair towards 1.9540(Oct 23rd high).
• Support is seen at 1.9486(5SMA) and break below could take the pair towards 1.9422 (50%fib).
Recommendation: Good to buy around 1.9450, with stop loss of 1.9400 and target price of 1.9550
