FxWirePro: GBP/AUD loses momentum but outlook is bullish

• GBP/ AUD eased slightly  on Monday  as investors awaited British finance minister Rachel Reeves' spring budget update later this week.

•Reeves is set to announce a sharp downgrade to the UK's growth forecast on Wednesday, likely forcing her to scale back future spending plans amid rising borrowing costs.

•   This week will also see the release of key economic data including UK inflation figures and the U.S. Federal Reserve's preferred inflation reading.

• Monday's preliminary reading of the UK S&P Purchasing Managers' Index for the services sector hit a seven-month high of 53.2 in March, up from 51 in February.

Manufacturing PMI dropped to an 18-month low of 44.6 from 46.9 in February, as concerns over a •global trade war sparked by U.S. President Donald Trump's tariffs hit future output expectations.

• Immediate resistance is located at 2.0648(23.6%fib), any close above will push the pair towards 2.0714(Higher BB ).

• Immediate support is seen at 2.0469( 38.2%fib) and break below could take the pair towards 2.0306(( 50%fib).

Recommendation: Good to buy around 2.0530, with stop loss of 2.0400 and target price of 2.0600