FxWirePro: GBP/AUD caught in narrow range, bias neutral

GBP/AUD little changed on Monday as investors assessed renewed military exchanges between the U.S. and Iran. President Donald Trump said on Monday the U.S. was reinstating a naval blockade on Iran and would ensure the...

• GBP/AUD little changed on Monday as investors assessed renewed military exchanges between the U.S. and Iran. • President Donald Trump said on Monday the U.S. was reinstating a naval blockade on Iran and would ensure the Strait of Hormuz stays open for a fee following fresh exchanges of missile and drone strikes. •U.S. and Iranian forces exchanged heavy missile and drone assaults at the weekend, with Tehran targeting U.S. facilities in states across the Gulf on Sunday and saying it had again closed the vital Strait of Hormuz shipping route.

•Oil prices rose more than 9% to a one-month high, with Brent crude futures LCOc1 settling at $83.30 a barrel. • The week is set to be pivotal for British politics, with Andy Burnham expected to be formally confirmed as Labour leader on Friday before being appointed prime minister on July 20.

• Immediate resistance is located at 1.9342(23.6%fib), any close above will push the pair towards 1.9411(Higher BB). • Immediate support is seen at 1.9198(38.2%fib) and break below could take the pair towards 1.9157(SMA20). Recommendation: Good to buy around 1.9270, with stop loss of 1.9220 and target price of 1.9350