FxWirePro: GBP/AUD edges lower ,scope for further downside

• GBP/AUD edged lower  on Wednesday as surging bond yields and elevated oil prices kept the risk-off ‌mood firm in markets.

• Crude prices rose, with Brent futures ​holding around $101 a barrel, as investors weighed higher Gulf exports against ​persistent supply risks from the Middle East conflict and a ⁠storm approaching US oil-producing regions

• The sharp global bond selloff could ​increase pressure on finance minister John Healey ahead of his first budget

•On the data front, British house prices were flat ⁠in ​September after recording their first annual decline ​since 2023 in August, according to Lloyds data, which came in weaker than analysts had expected.

• Money markets are pricing in an 85% probability of a 25-basis-point rate hike in November, which would lift the policy rate to 4%, with four further hikes expected by mid-next year.

• Immediate resistance is located at 1.9033(50%fib), any close above will push the pair towards 1.9094(Higher BB).

• Immediate support is seen at 1.8903(38.2%fib) and break below could take the pair towards 1.8745(23.6%fib).

Recommendation: Good to sell around 1.8900, with stop loss of 1.8950 and target price of 1.8820