• GBP /AUD strengthened on Thursday following the Bank of England's raised interest rates by 50 basis points.
• The Bank of England surprised markets with a 50 basis-point rate hike.
• The pair hit daily high at 1.8900 and was last trading at 1.8867 at (GMT 16:26).
• The pairs rise above the 38.2%fib resistance has reinforced the growing bullish strength, putting focus on resistance at 1.8950.
• Immediate resistance is located at 1.8921 (23.6% fib), any close above will push the pair towards 1.9875 (May 25th high).
• Immediate support is seen at 1.8759 (38.2%fib) and break below could take the pair towards 1.8679(14DMA).
Recommendation: Good to buy on dips around 1.8860, with stop loss of 1.8790 and target price of 1.8950.
