FX News

AUD/GBP Transfer:

The English Pound (GBP) continues to depreciate against the Australian Dollar (AUD) extending its run lower from last week’s 1.7220 (0.5810) to 1.6990 (0.5885) early today. A sluggish UK economy with detrimental economic data of late is giving the Aussie room to move. Last week’s UK Retail Sales was terrible coming in at -1.6% vs expectations of -0.5% confirming the economy is in trouble. This week’s key data comes in the form of the Bank of England official cash rate announcement with a 50-point shift higher to 2.25% predicted. We suggested last week a retest of 1.7000 (0.5880) which has eventuated, this week we predict the cross to reach key resistance at 1.6880 (0.5925).

Current Level: 0.5884 (1.6995)
Resistance: 0.5935 (1.7370)
Support: 0.5760 (1.6850)
Last Weeks Range: 0.5810-0.5917 (1.6899-1.7212)

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