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• GBP/AUD dipped on Monday as news of a peace proposal from Tehran buoyed risk sensitive Australian dollar.
.• A report published by Axios earlier on Monday, citing a US official and sources related to the matter, affirmed that Tehran has sent a peace proposal to the US .
• Traders will be closely watching Australia’s March Consumer Price Index (CPI) report, scheduled for release on Wednesday.
• Australian Consumer Price Index (CPI) figures will provide further insight about next week’s RBA decision.
• Immediate resistance is located at 1.8976 (SMA20), any close above will push the pair towards 1.9137 (38.2%fib).
• Immediate support is seen at 1.8747 (Lower BB) and break below could take the pair towards 1.8666(23.6%fib).
Recommendation: Good to sell around 1.8850 with stop loss of 1.9000 and target price of 1.8760
