FxWirePro: GBP/AUD gains some ground but bears are not done yet

• GBP/AUD recovered some ground on Friday as worsening risk sentiment and declines in gold, silver, and equities weighed on the Australian dollar.

• Markets braced for prolonged tensions as the U.S.-Israeli war on Iran approached ⁠its third week, with Washington hardening its stance and Tehran pledging to keep the ​Strait of Hormuz shut.

• On the data front, Britain's economy stagnated ‌unexpectedly in January, data showed on Friday, while long-term inflation expectations stayed stubbornly high.

•Investors see Britain as more vulnerable than many Western peers to an energy shock due to its heavy reliance on imported gas and limited fiscal space, which could constrain government support for consumers.

• Technical signals are bearish as RSI is at 40 momentum studies  11,14  and 21 DMAs are trending down. 

• Strong  resistance is located at 1.9000(Psychological level), any close above will push the pair towards 1.9048(38.2%fib)

• Immediate support is seen at 1.8716 (23.6% fib) and break below could take the pair towards 1.8636(Lower BB).

  Recommendation: Good to sell   around 1.9000, with stop loss of 1.9080 and target price of 1.8940