FX News

AUD/GBP Transfer:

The Australian Dollar (AUD) has extended gains off Monday’s open against the British Pound (GBP) clawing back last week’s losses to trade back around 0.5375 (1.8600) this morning. However, sentiment towards the Bank of England (BoE) outpacing other central banks and particularly the Bank of Australia with more hikes on the horizon over the following months including the outlook for a 60 point shift at Septembers meeting following a 25 point rise this Thursday from 4.25% to 4.50% could see the Pound reverse higher in a heartbeat. Could it be that this aggressive approach has markets in a spin with a lot of recent topside movement in the GBP unjustified?. UK GDP is predicted to come in at 0.0 later in the week. Setbacks in the GBP should be well supported for now.

Current Level: 0.5375 (1.8604)
Resistance: 0.5435 (1.9000)
Support: 0.5265 (1.8400)
Last Weeks Range: 0.5259-0.5375 (1.8604-1.9013)

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