• GBP /AUD dipped on Monday as markets looked ahead to the BoE meeting.
•The pound is also came under pressure versus the Australian dollar on gains in copper and iron-ore.
• Investors on Monday squared position ahead the MPC, which is expected to hike rates 25bps.
• The pair hit daily low at 1.8983 and was last trading at 1.9021 .
• Technical signals show the pair could gain more ground in the short-term as RSI is at 61 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7654 (50% fib), any close above will push the pair towards 1.7744 (61.8% fib).
• Immediate support is seen at 1.7587 (5DMA) and break below could take the pair towards 1.7553 (38.2%fib).
Recommendation: Good to buy on dips around 1.9000, with stop loss of 1.8900 and target price of 1.9070.
