The British Pound (GBP) extended its run against the Australian Dollar (AUD) off the weekly open reaching 0.5100 (1.9600) Monday before coming under pressure into Tuesday. UK Manufacturing came in below forecast, the Purchasing Managers Index PMI at 48.0 in November down from 48.6 in October taking the cross back to 0.5130 (1.9500). Calendar focus this week comes in the form of Australian GDP q/q with a big read expected around 0.5% in the September quarter. Growth has been declining since the 4Q of 2022 so this will be welcomed news. We could see a rebound towards 0.5150 (1.9430)
Current Level: 0.5173
Support: 0.5080
Resistance: 0.5215
Last week’s range: 0.5110- 0.5200