FxWirePro: GBP/AUD positions for another drop, eyes 2.0100 level

• GBP/AUD dipped on Thursday as Australian dollar firmed on bets that the Reserve Bank of Australia may keep policy restrictive for longer.

•Australian household spending jumped 1.3% in October to A$78.4 billion ($51.77 billion), driven by year-end sales promotions, following a 0.3% rise a month earlier, ABS data showed on Thursday..

• The stronger-than-expected spending data sparked broad gains in the Aussie, lifting it to an October high.

•Markets were quick to bring forward the bets for rate hikes from the Reserve Bank of Australia, with a move in May next year about 50% priced in.

• The RBA has delivered three rate cuts this year, bringing the benchmark to 3.6%, and is all but guaranteed to hold steady next week, though its outlook may turn more hawkish after a sharp inflation pickup in Q3.

• Immediate resistance is located at 2.0227(38.2%fib), any close above will push the pair towards 2.0392(Higher BB).

• Immediate support is seen at 2.0042(23.6%fib) and break below could take the pair towards 1.9992 (23..6%fib).

Recommendation: Good to sell around 2.0180 with stop loss of 2.0250  and target price of 2.0100