• GBP/AUD dipped on Friday as comments from Iran's foreign minister that passage through the Strait of Hormuz remains open supported riskier assets
• The passage of vessels through the strait will be on the coordinated route as already announced by the Portsand Maritime Organisation of Iran.
• The opening of the Strait of Hormuz is a critical step towards normalizing transit through the waterway.
• Following the announcement, oil prices plunged, Wall Street shares posted sharp gains and U.S. Treasuries surged, pushing their yields lower..
• Immediate resistance is located at 1.8932 (38.2%fib), any close above will push the pair towards 1.9101(50%fib).
• Strong support is seen at 1.8787(Lower BB), and break below could take the pair towards 1.8707(23.6%fib).
Recommendation: Good to sell on around 1.8900 with stop loss of 1.8950 and target price of 1.8800
