The AUD/GBP cross-rate, has been deteriorating from highs of 0.5350, to recent trades around 0.5150. The Bank of England meet this week, following on from the latest CPI inflation reading, on Wednesday. If the inflation number continues to tumble, then this should ensure some prospect of rate cuts in the UK, and stability for the cross against the AUD. Any signs of reemergent inflation in the UK, could add some upward momentum to the GBP, and only add to recent losses on the cross.
Current Level: 0.5125
Support: 0.5050
Resistance: 0.5300
Last week’s range: 0.5144- 0.5180