The Bank of England have cut interest rates, thereby attracting flows to the AUD, commodity currency. The cross rate has not varied too greatly as the GBP undergoes a honeymoon period, under the new Labour Government, and support for the GBP has been improving. This will likely not continue and expect the downward pressure, on the cross, to favour the AUD.
Current Level: 0.5090
Support: 0.5050
Resistance: 0.5200
Last week’s range: 0.5120- 0.5190