• GBP/AUD slipped lower on Wednesday as the Australian dollar gained on rising commodity prices and stronger investor risk appetite.
• Iron ore futures continued their upward streak for six days, boosted by China demand expectations, while oil edged higher amid geopolitical concerns.
• Looking ahead, investors will focus on Friday’s UK data releases, including monthly GDP, industrial production, and trade figures, for guidance on market direction.
• Technical signals are bearish as RSI is at 33, daily momentum studies 5, 9 and 10 DMAs are trending south.
• Immediate resistance is located at 2.0551(Daily high), any close above will push the pair towards 2.0633 (38.2% fib).
• Strong support is seen at 2.0455 (23.6% fib) and break below could take the pair towards 2.0407(Lower BB).
Recommendation: Good to sell around 2.0470 with stop loss of 2.0560 and target price of 2.0400
