FxWirePro: GBP/AUD downtrend extends ,eyes 23.6%fib support

• GBP/AUD dipped on Friday as the Australian Dollar extended its outperformance amid growing bets on a hawkish Reserve Bank of Australia.

•Hawkish expectations for the RBA strengthened Thursday following stronger-than-expected October household spending, which climbed 1.3% versus 0.3% in September.

•The RBA convenes for its last meeting of the year next week, and a run of upbeat data has effectively shut the door on any reduction to the 3.60% cash rate.

• After three rate cuts that brought the cash rate to 3.6% this year, the RBA is almost certain to pause next week, but its guidance may tilt hawkish following the strong Q3 inflation surge.

• Immediate resistance is located at 2.0185(38.2%fib), any close above will push the pair towards 2.0200(SMA 20).

• Immediate support is seen at 2.0053(Lower BB) and break below could take the pair towards 1.9983 (23.6%fib).

Recommendation: Good to sell around 2.0080 with stop loss of 2.0150  and target price of 1.9980