• GBP/ AUD steadied around 2.0620 on Friday as traders digested Thursday's Bank of England rate decision.
The Bank of England cut interest rates on Thursday, but four of its nine policymakers voted to keep borrowing costs unchanged due to inflation concerns, signaling the BoE’s rate-cut cycle may be nearing its end.
• Traders will keep a close eye on several key data releases next week UK employment data Aug 12 , UK GDP Aug 14 , and U.S. CPI Aug 12 which could shape the next major market move.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 51,while moving averages and MACD are trending higher.
• Immediate resistance is located at 2.0684(38.2%fib), any close above will push the pair towards 2.0720 (Higher BB).
• Immediate support is seen at 2.0567(SMA 20) and break below could take the pair towards 2.0411(Lower BBA).
Recommendation: Good to buy around 2.0600 with stop loss of 2.0540 and target price of 2.0650
