• GBP/AUD edged higher on Friday as sterling remained supported despite Labour Party losses in UK local elections.
•British Prime Minister Keir Starmer pledged to remain in office and continue delivering his agenda after the Labour Party suffered significant losses in local elections .
The outcome underscored a historic shift in United Kingdom politics, with the traditional two-party system giving way to a more fragmented, multi-party landscape.
• Domestic data showed British house prices fell for a second consecutive month in April, as uncertainty linked to the Iran conflict weighed on buyer demand and dampened market activity..
• Immediate resistance is located at 1.8879( SMA20), any close above will push the pair towards 1.9023 (38.2%fib).
• Strong support is seen at 1.8709 (23.6%fib) and break below could take the pair towards 1.8678 ( Lower BB).
Recommendation: Good to sell around 1.8830, with stop loss of 1.8900 and target price of 1.8760
