• GBP /AUD dipped on Monday as markets looked ahead to the BoE meeting.
• 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 1.9087 (38.2%% fib), any close above will push the pair towards 1.9180 (Daily high).
• Immediate support is seen at 1.8981 (38.2% fib) and break below could take the pair towards 1.8948 (9DMA).
Recommendation: Good to buy on dips around 1.9000, with stop loss of 1.8900 and target price of 1.9070.
