FxWirePro: GBP /AUD strongly bearish despite upside attempts

GBP /AUD recovered slightly on Friday as  investors were cautious ahead of the Bank of England's monetary policy decision next month and the government's budget later in November.

• UK Finance Minister Rachel Reeves, facing political pressure over a rental dispute, is set to present her budget in late November.

• UK Finance Minister Rachel Reeves on Thursday released new details to prove she was not at fault for failing to obtain a rental licence for her home, aiming to defuse a potential political setback for the government.

• Reeves faces mounting pressure ahead of her November budget, amid expectations she may have to break election promises and raise taxes following warnings that the economy could be weaker than previously estimated.

• On the data front, British house prices rose in October, lender Nationwide said on Friday outpacing forecasts by economists and adding to signs of demand in the housing market .

•House prices were 2.4% higher than a year earlier, speeding up from an annual increase of 2.2% in September

• Immediate resistance is located at 2.0114 (Daily high), any close above will push the pair towards 2.0288 (38.2%fib).

• Immediate support is seen at 2.0023(23.6%fib) and break below could take the pair towards 1.9928 (Lower BB).

Recommendation: Good to sell  round 2.0200 with stop loss of 2.0280 and target price of 2.0000