FxWirePro: GBP/AUD retreats slightly but trend is still bullish

• GBP/AUD eased  on Tuesday  as investors cautiously scrutinized major trade developments ahead of the fast approaching U.S. tariffs deadline.

• Markets are keeping a close watch on statements from the White House as the August 1 deadline approaches, when U.S. tariffs are set to take effect.

•  Official data showed that UK borrowing exceeded expectations in June, driven by a surge in inflation that increased government debt servicing costs.

• British Finance Minister Rachel Reeves stated that the UK still relies on “the goodwill of strangers” to fund gaps in its public finances. She emphasized her commitment to reducing borrowing costs as a key policy priority.

• Meanwhile, the Bank of England is expected to cut rates by a quarter point next week and at least one more time before the end of the year.

•  Immediate resistance is located at 2.0750(50%fib), any close above will push the pair towards 2.923(July 2nd high).

• Strong support is seen at 2.0495(61.8%fib) and break below could take the pair towards 2.0427(Lower BB).

Recommendation: Good to buy around 2.0640 with stop loss of 2.0600 and target price of 2.0720