The British Pound (GBP) extended its run Monday off 1.9140 (0.5225) against the Australian Dollar (AUD) to reach 1.9270 (0.5190) this morning a 5-week high. The GBP however could run into selling pressures in the run up to tonight’s UK inflation release as punters unwind long Pound positions. Should Australian jobs numbers come in light tomorrow we could see further speculation by the RBA of a hike at their next meeting- chances are 25% at the moment with inflation not behaving. Heavy support seen at 0.5170 (1.9340) on the chart but we expect prices to reverse back towards the 0.5210 (1.9200) zone.
Current Level: 0.5187
Support: 0.5155
Resistance: 0.5280
Last week’s range: 0.5223- 0.5277