The English Pound (GBP) has extended losses against the Australian Dollar (AUD) slumping to 0.5845 (1.7100) this morning from last week’s low of 0.5750 (1.7400). The GBP has been struggling in the aftermath of UK PSNB numbers with borrowing higher than forecast as inflation pushes interest payments higher. Debt servicing is up 80% from a year ago. Markets are pricing in a further 2.0% of hikes through to next February. UK Manufacturing is predicted to come in light tonight which may put added pressure on the GBP, certainly a breakthrough 0.5880 (1.7000) is on the cards the November 2017 high.
Current Level: 0.5847 (1.7102)
Resistance: 0.5875 (1.7270)
Support: 0.5790 (1.7020)
Last Weeks Range: 0.5736-0.5884 (1.6993-1.7432)