FxWirePro: GBP/AUD downside pressure builds, key support level in focus

• GBP/AUD declined  on Tuesday as Australian dollar firmed following Reserve Bank of Australia (RBA) interest rate decision.

• Australia’s central bank left rates on hold at 3.6% and pushed back against expectations of further easing, noting that the next adjustment could be upward if inflation remains elevated.

• Governor Michele Bullock said the board did not explicitly talk about hiking rates at its final meeting of the year, though it did consider the conditions that could require rates to be lifted again.

• Investors pulled forward expectations for rate hikes next year, pricing in a 28% chance of a move in February and nearly a 50% probability in March. Markets now expect about 47 basis points of total tightening in 2026, roughly equivalent to two rate hikes. 

• Immediate resistance is located at 2.0192 (SMA 20 ), any close above will push the pair towards 2.0272 (38.2%fib).

• Strong support is seen at 2.0003(23.6%fib) and break below could take the pair towards 1.9923(Lower BB).

Recommendation: Good to sell around 2.0050, with stop loss of 2.0100 and target price of 1.9930