The Australian Dollar (AUD) has been sold off hard on the weekly open against the British Pound (GBP) extending last week’s declines to reach a fresh 3 month low of 0.5140 (1.9460) this morning. UK Retail Sales came in poor at -1.2% for the month of June after solid growth in May of 2.9% as households become cautious. The data had minimal effect on the cross as markets have been “risk averse” on the fallout of Biden exiting from the presidential race. UK Manufacturing prints later today, expected to come in decent and give the Pound a further boost.
Current Level: 0.5131
Support: 0.5120
Resistance: 0.5170
Last week’s range: 0.5168- 0.5229