FxWirePro: GBP/AUD under pressure as pound continues to weaken

• GBP/AUD fell on Friday  as softer-than-forecast inflation data offset Friday's upbeat retail sales, consumer confidence and business activity figures.

• British retail sales unexpectedly increased in September, driven by strong technology sales and higher demand for gold from online jewellers, while consumer sentiment in October climbed to its joint-highest level since August 2024.

• Meanwhile, preliminary data from S&P Global showed that UK business activity displayed early signs of recovery, according to the Composite Purchasing Managers' Index released on Friday..

• Futures markets now price in roughly a 65% probability of a 25-basis-point BoE rate cut by year-end, slightly lower than the 75% chance seen before Friday’s data.

• Immediate resistance is located at 2.0493(38.2%fib  ), any close above will push the pair towards 2.0647(50%fib).

• Immediate support is seen at 2.0310(23.6%fib) and break below could take the pair towards 2.0247(Lower BB).

Recommendation: Good to sell around 2.0450 with stop loss of 2.0550 and target price of 2.0350