GBP/AUD breaks through crucial support even as GDP beats expectations

GBP/AUD Drops Below Key 2.000 Level Despite Positive UK GDP

The GBP/AUD currency pair has decisively slipped under the 2.000 threshold, ending weeks of mounting pressure. Notably, on Thursday, the British pound struggled to attract buyers—even after UK GDP data for November exceeded expectations—due to a stronger appetite for risk that favored the Australian dollar, along with a robust U.S. dollar following encouraging jobless claims figures.

With this downward momentum gaining strength, there is a possibility that the decline could continue, potentially targeting the 1.9600 level if prevailing market sentiment holds. Although the UK economy grew by 0.3% in November—surpassing the anticipated 0.1% rise—a closer look at the data reveals that the positive headline figure may not tell the full story.