FxWirePro: GBP/AUD trims intraday gains ahead of the UK GDP report

• GBP/AUD retreat from daily high  on Wednesday as investors were cautious ahead of UK GDP data due Thursday.

• The UK’s August GDP figures will be closely watched for hints on the Bank of England’s stance after leaving interest rates unchanged at 4%.

• Meanwhile, Britain’s Finance Minister Rachel Reeves said she is weighing both tax hikes and spending cuts in her November 26 budget, confirming expectations aligned with her commitment to balance the nation’s finances.

• Money markets are placing an 87% chance of no change at the BoE's next meeting on November 6.

• Immediate resistance is located at 2.0590(38.2%fib), any close above will push the pair towards 2.0676(Higher BB).

• Immediate support is seen at 2.0432(SMA 20) and break below could take the pair towards 2.0242(23.6%fib).

Recommendation: Good to buy around 2.0550 with stop loss of 2.0480 and target price of 2.0650