FxWirePro : GBP /AUD runs out of steam after BoE rate decision but maintains bullish outlook

• GBP /AUD   initially rose on Wednesday  but gave up some  ground on Wednesday  as BoE kept the bank rate steady at 5.25%.

•The BoE's decision had a split vote, showing divergent views on the path of monetary policy.

•It was the first time since August 2008, early in the global financial crisis, that separate officials voted to raise and lower interest rates at the same meeting.

• GBP / AUD approached to test resistance  23.6%  fib but retreated as   bulls lost some strength.

•Technical signals are bullish as RSI is at 65, daily momentum studies  5,9,21 DMA are trending north.

• Immediate resistance is located at 1.9459(23.6% fib), any close above will push the pair towards 1.9550(Higher BB).

• Strong support is seen at 1.9290 (38.2% fib) and break below could take the pair towards 1.9140(50% fib)

Recommendation: Good to buy around 1.9380, with stop loss of 1.9290 and target price of 1.9460