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FxWirePro:GBP/AUD bulls take over the reins after BoE holds rates at 5.25%

• GBP/ AUD strengthened  on Thursday  after the Bank of England (BoE) indicated that interest rates would remain high for an extended period.

•The Monetary Policy Committee voted 6-3 to keep rates at a 15-year high of 5.25%, in line with economists' expectations in a   poll last week.

• A rally towards 1.9200 is   possible if  GBP/ AUD bulls overcome resistance at 50%fib.

• Technical signals show the pair could gain more ground in the short-term as RSI is rising,while moving averages 5and 9DMA’s trending up. 

• Immediate resistance is located at 1.9072 ( 38.2%fib), any close above will push the pair towards 1.9091 (14DMA).

• Immediate support is seen at 1.8973 (38.2%fib ) and break below could take the pair towards 1.8807(38.2%fib).

Recommendation: Good to buy around 1.9080, with stop loss of 1.8900  and target price of 1.9180
 

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