FxWirePro: GBP /AUD stuck in range but maintains bullish bias

• GBP /AUD initially gained but gave up ground as sterling struggled to sustain gains as investors assessed the latest UK GDP data.

• GDP data released on Monday showed  that the British economy stalled in the third quarter, with growth revised down to 0.0% from an earlier estimate of 0.1%.

•In a separate report, a survey revealed that British business confidence dropped to its lowest point of 2024 in December, although employers expressed slightly more optimism about the broader economy.

• The Bank of England kept interest rates unchanged on Thursday, but the decision saw a more divided vote within the Monetary Policy Committee than markets had anticipated.

• Immediate resistance is located at 2.0133 (38.2%fib), any close above will push the pair towards 2.0133 (Dec18th high).

• Immediate support is seen at 1.9982 (50%fib) and break below could take the pair towards 1.9821(61.8%fib).

Recommendation: Good to sell round 1.9980, with stop loss of 1.9900 and target price of 2.080