FxWirePro: GBP/AUD gives up gains as volatility caps weekly rally

• GBP/AUD initially gained but gave up most of the ground  as investors wrapped up a chaotic week dominated by market swings and mounting trade tensions under President Trump’s multi-front tariff strategy.

• Global markets experienced sharp volatility this week as investors responded to President Trump’s April 2 announcement of sweeping new tariffs, fueling uncertainty and risk-off sentiment.

•  Although Trump scaled back the most severe trade measures for now, investors remained concerned about the potential economic fallout and long-term impact on global growth.

• On the economic front, UK GDP surprised to the upside, growing 0.5% month-on-month in February, according to data released by the Office for National Statistics  beating all forecasts and offering some support to the pound.

• Immediate resistance is located at 2.1058(38.2%fib), any close above will push the pair towards 2.1308(Higher BB).

• Immediate support is seen at 2.0734 (50%fib) and break below could take the pair towards 2.0549(Match 31st low).

Recommendation: Good to buy around 2.0770, with stop loss of 2.0720 and target price of 2.0900