• GBP/AUD declined on Wednesday as sterling attracted sellers ahead of Thursday's BoE rate announcement.
• Money markets are placing a 92% chance that the BoE will hold rates unchanged in its coming meeting on Thursday.
• A daily close below 23.6%fib support will likely open the possibility of drop towards 1.8900 level.
• Technical signals are bearish as RSI is at 44, daily momentum studies 5,9,21 DMA are trending south.
• Immediate resistance is located at 1.9208 (38.2%fib), any close above will push the pair towards 1.9262(Oct 26th high).
• Strong support is seen at 1.9018(23.6%fib) and break below could take the pair towards 1.8931(Oct 2nd low).
Recommendation: Good to sell around 1.9080 with stop loss of 1.9170 and target price of 1.8980
