The 2024 average rate in the AUD/GBP cross is 0.5171.
It will be a dovish leaning Bank of England (BoE) when they meet on Friday morning with expectations of a hold at 4.75%, this may keep the Pound well supported at least in the short term against the Australian Dollar (AUD). The cross has traded into Wednesday at a 2024 low of 0.4985 (2.0060) surpassing the Aug 2023 low of 0.5010 (1.9970). There is growing consensus that the RBA will start cutting rates from next February, we expect 50 points with a decline in recent consumer confidence and pending US/China tariff woes.
Current Level: 0.4980
Support: 0.4480
Resistance: 0.5115
Last week’s range: 0.4973- 0.5060