FxWirePro: GBP/AUD recovers slightly but trend is still bearish

• GBP/AUD ticked higher on Tuesday  soured risk sentiment and broader commodity weakness added pressure on Australian dollar

• Gold eased as the dollar firmed. U.S. gold futures   for June delivery settled 1% lower at $4,511.20. Oil prices slipped more than 1%, but remained above $100 a barrel. 

• Geopolitical tensions remain elevated as U.S. President Donald Trump reiterated threats against Iran, stating the country was “begging” for a deal.

•.  RBA minutes showed policymakers debated holding rates steady or hiking 25 bps to 4.35% at the May meeting.

• Markets are pricing in around a 75% chance of another rate hike in August, with interest rates expected to peak near 4.60% and some risk of rising as high as 4.85%.

• Immediate resistance is located at 1.8907 (38.2%fib), any close above will push the pair towards 1.9120(Higher BB).

• Immediate support is seen at 1.8803 (SMA 20) and break below could take the pair towards 1.8555 (23.6%fib).

Recommendation: Good to sell around 1.8910 with stop loss of 1.9050   and target price of 1.8850