FxWirePro: GBP/AUD unlikely to invite any further strength, good to sell on rally

• GBP/AUD initially dipped but recovered ground as investors digested  Fed rate decision and awaited Bank of England  .

•The Federal Reserve held interest rates steady but warned that rising inflation and labor market risks are creating uncertainty for the U.S. economic outlook.

• The BoE is expected to lower rates by a quarter point on Thursday as U.S. tariffs darken the global growth outlook.

• Money markets have priced in 94 basis points (bps) of rate cuts by the Bank of England by December, including a 25 bps cut on Thursday.

• Technical signals are bearish as RSI is at 47, daily momentum studies  10,11 and 14 DMAs are trending down.

• Immediate resistance is located at 2.0710( 50%fib), any close above will push the pair towards 2.0710 (Higher BB)

• Strong support is seen at 1.8355(21DMA ) and break below could take the pair towards 1.8318  (50%fib).

Recommendation: Good to sell   around 2.0710, with stop loss of 2.0800 and target price of 2.0620