The Australian Dollar (AUD) climbed higher Monday against the British Pound (GBP) extending its massive run against the British Pound (GBP) to equal levels around December 2020 at 0.5730 (1.7460). The Russian invasion of Ukraine has hit the Pound hard among other currencies of late, the main driver of sentiment offering decent support for the Aussie. We are somewhere around the 33rd day since the war began, the GBP has conceded significant value over this time from 0.5370 (1.8620). On the latest development news over the wire’s negotiators from both Ukraine and Russia will meet in Turkey this week to try and resolve differences. Overnight the Kyiv border ceasefire should last until Wednesday which may be contributing to the positive risk tone underway. A breakthrough 0.5765 (1.7350) could signal further upside for the AUD – for now we expect price back at 0.5655 (1.7680).
Current Level: 0.5720 (1.7482)
Resistance: 0.5750 (1.7800)
Support: 0.5620 (1,7400)
Last Weeks Range: 0.5604-0.5706 (1.7525-1.7844)