FX News

AUD/GBP Conversion:

English Pound (GBP) weakness continues against the Australian Dollar (AUD) into the new week with prices now extremely high- at October 2017 levels around 0.5900 (1.6950) heading into Tuesday. The dire economic forecast set by the Bank of England has been detrimental in any GBP recovery of late. The Bank of England will raise rates 50 points next week possibly more as the central bank look committed to taking action to tame inflation back into its 2.0% range. Analysts have forecast the economy will slip into recession late this year and not recover until well into 2025. It’s a thin calendar this week for the pair with no tier one data publishing. We predict more of the same this week with fresh highs likely.

Current Level: 0.5890 (1.6977)
Resistance: 0.5795 (1.6920)
Support: 0.5795 (1.6920)
Last Weeks Range: 0.5809-0.5909 (1.6921-1.7212)

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