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

• GBP/AUD dipped  on Friday  but downside was limited  as traders awaited key data to gauge the state of the UK economy.

• Investors are awaiting clearer signals on the economy, with GDP data due on Thursday and employment figures the following week, which could provide further insight into the Bank of England’s monetary policy path.

• Money markets are pricing an 88% chance of the BoE holding its rates at 3.75% when it meets on February 5, after December's 0.25% cut.

•A daily close above  38.2%fib  will further improve the technical outlook, and open the possibility of a rally towards 2.0100 level

• Immediate resistance is located at 2.0124 (50%fib), any close above will push the pair towards 2.0143(SMA20).

• Immediate support is seen at 1.9971(38.2%fib) and break below could take the pair towards 1.9931 (Lower BB).

Recommendation: Good to sell around 2.0060 with stop loss of 2.0160 and target price of 1.9920