• GBP/AUD gained modestly on Wednesday as market participants assessed the latest geopolitical developments.
• Iranian Foreign Minister Abbas Araqchi communicated with U.S. envoys through mediators on the sidelines of the UN General Assembly in New York
• The S&P Global UK Services PMI fell to 51.7 in September from 52.5 in August, hitting a three-month low, preliminary data showed. Economists polled by Reuters had expected a reading of 52.0.
• Money markets are pricing UK interest rates at around 4.75% in a year, roughly one percentage point above the current 3.75% rate, implying four quarter-point hikes over the period.
• The UK Autumn Budget next month remains a key fiscal risk for Prime Minister Burnham and could add to market uncertainty..
• Immediate resistance is located at 1.8830(SMA 20), any close above will push the pair towards 1.8921(50%fib).
• Immediate support is seen at 1.8753(38.2%fib) and break below could take the pair towards 1.8676(Lower BB ).
Recommendation: Good to sell around 1.8810, with stop loss of 1.8900 and target price of 1.8750
