FX News

AUD/GBP Transfer:

The Australian Dollar narrowly avoided slipping past the long-term level of 0.5265 (1.9000) late in the week against the British Pound (GBP). The risk averse mood weakened the Aussie along with a UK Retail Sales surprise print. Retail Sales came in at 0.5% instead of the predicted 0.3% for the month of April bringing back buyers to the GBP. The UK’s economy is on the cusp of falling into an extended period of sluggishness as high interest rates affect business investment, as rates are predicted to stay higher for longer. It could be a long time before the BoE achieves their 2.0% inflation target. We think 0.5260 (1.9020) low of Jan 2022 should hold for now.

Current Level: 0.5288 (1.8910)
Resistance: 0.5415 (1.9150)
Support: 0.5220 (1.8470)
Last Weeks Range: 0.5270-0.5359 (1.8658-1.8975)

Previous ArticleNext Article