• GBP/AUD pair strengthened as fears over imminent U.S. tariffs and the potential for a global trade war weighed heavily on export-sensitive currencies like the Australian dollar.
• On Thursday, Trump announced that his proposed tariffs 25% on goods from Mexico and Canada, and an additional 10% duty on Chinese imports would go into effect on March 4. This move came as a surprise to those who had expected a delay in the levies.
• The pair hit daily high at 2.0314 and was last trading at 2.0262 in late US sesssion.
• The pairs rise above the at 38.2%fib has reinforced the growing bullish strength, putting focus on resistance at 1.8600.
• Immediate resistance is located at 2.0303 (38.2%fib), any close above will push the pair towards 2.0454 (23.6%fib).
• Immediate support is seen at 2.0202 (38.2%fib) and break below could take the pair towards 2.0096 (50%fib).
Recommendation: Good to buy on dips around 2.0240, with stop loss of 2.0150 and target price of 2.0300


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