The English Pound (GBP) extended gains over the Australian Dollar (AUD) this week reaching 1.8660 (0.5359) in early morning trading. The 9th from the last 10 weeks the GBP has outperformed the Aussie. Bank of England’s Bailey confirmed last night that the UK banking sector was sound, saying he doesn’t see another 2008 financial crisis eventuating based on bank reforms enacted post the 2008 crisis, being well capitalised has been a big part of this. UK monthly GDP prints tonight and is expected to post around 0.1% for the month of February. We may see further upside in the GBP develop into the weekly close. Massive support at 0.5220 (1.9150) on the chart, below here and we are hitting multi year lows.
The current interbank midrate is: AUDGBP 0.5357 GBPAUD 1.8667
The interbank range this week has been: AUDGBP 0.5347- 0.5395 GBPAUD 1.8535- 1.8700