AUD/GBP Transfer

ByDragana My Engine Lab

The British Pound (GBP), Australian Dollar (AUD) has consolidated around the yearly lows of 0.4865 (2.0560)  after coming from 0.4920 (2.0330) last week with the Aussie underperforming. UK PMI released mixed with Manufacturing output weakening to 44.6 from 46.9 while Services PMI numbers improved. This suggests the economy may be gathering pace after a period of stagnation. This week’s Aussie and UK CPI y/y releases should give us plenty of shifts on the charts with both expected to come in slightly below January figures. A move through 0.4850 (2.0630) the yearly low could spell further downside for the AUD.

Current Level: 0.4863
Support: 0.4850
Resistance: 0.4930
Last week’s range: 0.4845- 0.4920

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