• GBP/AUD edged lower as better-than-expected February GDP data from the UK failed to support pound
• Britain’s economy grew strongly in February, suggesting it was in better shape before the Iran war than many economists had expected, official data showed Thursday.
• Gross Domestic Product rose 0.5% month-on-month in February, marking the strongest growth since January 2024, according to the Office for National Statistics..
• The figures are likely to provide some relief to Finance Minister Rachel Reeves, though economists warn that Britain remains vulnerable to spillovers from the Middle East conflict..
• Separate ONS data showed Britain’s trade deficit, excluding volatile precious metals, widened to £5.627 billion ($7.62 billion) in February, the highest since November 2024.
•Money market futures imply almost two quarter-point rate increases in 2026. Before the war began, investors had expected the BoE to cut rates twice this year..
• Immediate resistance is located at 1.9115 (SMA 20), any close above will push the pair towards 1.9148(38.2%fib).
• Strong support is seen at 1.8805 (Lower BB), and break below could take the pair towards 1.8680(Lower BB).
Recommendation: Good to sell on around 1.9000 with stop loss of 1.9120 and target price of 1.8800
