GBPAUD Chart Technical Outlook differing monetary policy is driving the cross higher, today we have the Bank of England rate decision and press conference. They are widely expected to increase interest rates by 0.25%. There is scope for a double dose to take the UK rates to 5.5 percent. The UK currently has the highest inflation from the G7.
Technically, I can see no clear indication of a change in trend.
The market looks to be focusing on the 2.1200-2.1250 zone. This will complete cypher pattern known as a Crab. To the downside, support today is located at 1.9204. With the previous swing high located at 1.9221, this zone could sustain selling.
