• GBP/AUD initially dipped but recovered ground after an agreement between the United States and Iran on a two-week ceasefire sent global stocks surging and oil prices sharply lower.
• U.S. President Donald Trump announced the agreement late on Tuesday, just two hours before a deadline he had set for Iran to open the blockaded Strait of Hormuz or face the destruction of its "whole civilisation".
• The last-minute turnaround helped lift sentiment as traders anticipated a revival of shipping through the strait, which handles about one-fifth of global oil and liquefied natural gas shipments.
• But even as Israel and the United States paused their attacks on Iran, Israel escalated its parallel war in Lebanon.
• Immediate resistance is located at 1.9080 (SMA20), any close above will push the pair towards 1.9160 (50%fib).
• Immediate support is seen at 1.8963 (38.2%fib) and break below could take the pair towards 1.8795 (Lower BB).
Recommendation: Good to sell around 1.9060 with stop loss of 1.9160 and target price of 1.9000
