FxWirePro: GBP/AUD downtrend slows, but bearish sentiment remains

• GBP/AUD dipped on Tuesday   as Australian extends gains ahead critical Australian GDP data.

• Markets are closely watching Australia’s GDP figures, scheduled for release on Wednesday, for clues on the strength of domestic demand and the broader economic outlook.

• Australia’s economy likely grew at its fastest pace in three years last quarter, alongside rising inflation, fueling bets that the Reserve Bank of Australia may raise interest rates next..

•Economists expect Australia’s GDP rose 0.7% in Q3, the fastest pace since late 2022, with annual growth seen at 2.2%, boosted by earlier RBA easing.

• RBA Governor Michele Bullock will appear before lawmakers Wednesday and is expected to face questions on inflation, though she typically avoids commenting on policy decisions.

• Immediate resistance is located at 2.0207 (SMA 20), any close above will push the pair towards 2.0223 (38.2%fib).

• Immediate support is seen at 2.0031(Lower BB) and break below could take the pair towards 1.9953(23.6%fib).

Recommendation: Good to sell around 2.0220 with stop loss of 2.0300  and target price of 2.0150