• GBP/ AUD traded in tight range on Thursday as uncertainty over U.S. tariffs clouded the outlook for markets.
• Financial markets remained choppy this week as President Trump's aggressive tariff policies weakened consumer and business confidence, leading to global stock market declines.
• On the data front, The S&P Global/CIPS UK Construction PMI dropped to 44.6 in February from 48.1 in January, marking its weakest level since May 2020.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 70,while moving averages and MACD are trending higher.
• Immediate resistance is located at 2.0495(23.6%fib), any close above will push the pair towards 2.0586(Higher BB).
• Immediate support is seen at 2.0281( (38.2%fib) and break below could take the pair towards 2.0098(50%fib).
Recommendation: Good to buy around 2.0350, with stop loss of 2.0250 and target price of 2.0500
