The Conservative party led by Rishi Sunak are behind in the polls showing the Labour party have an edge. The British Pound (GBP) has come off the recent long term high at 1.8900 to fight back to 0.5265 (1.9000) into morning trading. Prices at 0.5290 (1.8900) have not been seen since early January. Better than expected UK GDP helped improve the GBP off the weekly open as well. Later today we have RBA minutes who will reconfirm high inflation will keep the cash rate higher for longer. Following this is Australian Retail Sales expected to come in hot.
Current Level: 0.5259
Support: 0.5235
Resistance: 0.5290
Last week’s range: 0.5233- 0.5288