We haven’t seen much activity in the Australian Dollar (AUD), British Pound (GBP) cross over the last week, the pair preferring to stay within recent ranges, a surprise given all the geopolitical news of late. The GBP was well bid Monday reaching 1.9040 (0.5250) but has dipped into Tuesday to 1.9000 (0.5265). Markets taking relief from the incoming chancellor Rachel Reeves. Reeve s saying the UK will avoid tax-and spend policies. With the RBA still suggesting they will hike at the August meeting this should give the AUD a boost towards the key level at 0.5290 (1.8900)
Current Level: 0.5263
Support: 0.4780
Resistance: 0.5290
Last week’s range: 0.5248- 0.5286