The British Pound (GBP), Australian Dollar (AUD) looks to be consolidating around the 0.5250 (1.9050) area into Tuesday after a decent move from 0.5375 (1.8600) last week. Sitting close to the long-term low at 0.5200 (1.9225) we believe further GBP flow should push the pair through this level in the coming hours/days for the first time since the Brexit vote in 2016. The key release of the week is Aussie CPI y/y which has potential to tick higher than the current 6.8% and question recent RBA narrative.
Current Level: 0.5253 (1.9036)
Resistance: 0.5350 (1.9180)
Support: 0.5215 (1.8700)
Last Weeks Range: 0.5237-0.5380 (1.8586-1.9094)