FxWirePro: GBP/AUD downside pressure builds, key support level in focus

• GBP/AUD  dipped  on Friday as riskier assets was buoyed by hopes that the U.S. and Iran were ​nearing a deal to extend their ceasefire.

•Oil prices ⁠slipped nearly 2% after the U.S. and Iran reached an agreement to extend ​a ceasefire and lift restrictions on shipping through the Strait of ​Hormuz.

• On the macro side, softer UK data has reduced expectations for additional Bank of England rate hikes, adding pressure on the pound.

•Political risks are also on the radar, with the June 18 by-election emerging as a potential near-term catalyst.

• Immediate resistance is located at 1.8773(38.2%fib), any close above will push the pair towards 1.8936(50%fib).

• Strong support is seen at 1.8612(Lower BB) and break below could take the pair towards 1.8560 (23.6%fib).

Recommendation: Good to sell around 1.8740, with stop loss of 1.8800 and target price of 1.8600