• GBP /AUD pair experienced some volatility throughout the day but managed to hold on to its gains as investors digested Trump's tariff announcement.
• The announcement of Trump’s broad tariff levies ignited a significant risk selloff, with US yields and stocks plunging as investors sought safety.
• Britain was largely spared from the harshest penalties in Trump's tariff announcement on Wednesday, receiving the lowest import duty rate of 10%.
• Britain argued it should be exempt from Trump’s tariffs, pointing to balanced trade flows and the fact that its exports are primarily services, which are generally not subject to tariffs like goods.
• Immediate resistance is located at 2.0772(23.6% fib), any close above will push the pair towards 2.0861 (Daily high).
• Strong support is seen at 2.0571(50% fib) and break below could take the pair towards 2.0482 (April 2nd low)
Recommendation: Good to buy around 2.0700, with stop loss of 2.0620 and target price of 2.0790


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