FxWirePro: GBP/AUD capped by the 38.2% fibonacci, good to sell on rally

• GBP/AUD rebounded strongly on Tuesday as   investors reacted to the UK spring budget.

• In her budget update, U.K. Chancellor Rachel Reeves said Britain faces major inflation risks from rising energy costs linked to the U.S.–Israeli war against Iran..

• U.K. Chancellor Rachel Reeves said she would guide the economy through Middle East-driven volatility, signaling closer EU ties and pledging stability for businesses..

• In her Tuesday budget update, U.K. Chancellor Rachel Reeves said she recognised the significant economic risks facing Britain, which is heavily exposed to rising energy costs triggered by the U.S.–Israeli war against Iran.

• Britain continues to have the highest inflation among G7 economies, limiting the Bank of England’s ability to cut interest rates as quickly as other central banks..

•Oil prices have risen 15%, leading ​to calls from some motoring groups for the government to reverse an end to the fuel duty freeze currently expected in September.

• Immediate resistance is located at 1.9060(38.2%fib), any close above will push the pair towards 1.9144(SMA20).

• Strong support is seen at 1.8819 (23.6%fib ), and break below could take the pair towards 1.8741 (Lower BB).

Recommendation: Good to sell on  around 1.8900 with stop loss of 1.8980 and target price of 1.8830