• GBP/AUD dipped on Wednesday as traders waited to see if U.S. President Donald Trump’s administration reaches new trading agreements with partners.
• Trump on Tuesday ordered a probe into potential new tariffs on all U.S. critical mineral imports in an attempt to pressure industry leader China.
• Any trade agreements with China and the European Union are expected to take longer to reach.
• On the data front, UK inflation eased to a three-month low of 2.6% in March, but analysts caution the drop may be short-lived, with April's utility bill hikes and employer tax increases likely to drive the rate back toward 3%.
• Immediate resistance is located at 2.0932(Daily high), any close above will push the pair towards 2.1102 (38.2%fib).
• Immediate support is seen at 2.0726 (50%fib) and break below could take the pair towards 2.0494(April 2nd low).
Recommendation: Good to buy around 2.0720, with stop loss of 2.0880 and target price of 2.0980
