• GBP/AUD recovered some ground on Thursdays investors assessed Mideast Tensions and awaited upcoming UK GDP data
• Geopolitical tensions remain the dominant market driver, particularly the escalating conflict in the Middle East.
• Iran’s supreme leader has vowed to keep the Strait of Hormuz closed, escalating fears of disruptions to global oil supply.
• Investors are watching key economic data this week, including the UK’s January GDP and output figures, along with U.S. durable goods orders, GDP, and the Core PCE index on Friday.
• Immediate resistance is located at 1.8864(Daily high), any close above will push the pair towards 1.9000(Psychological level).
• Strong support is seen at 1.8706 (23.6%fib ), and break below could take the pair towards 1.8639(Lower BB).
Recommendation: Good to sell on around 1.8900 with stop loss of 1.8980 and target price of 1.8830
