The GBP has suffered the rising reserve, but persistent and stubborn inflation ensures that Bank of England will continue to raise rates, which will support the GBP, in the short term. The UK operates a substantial interest rate differential benefit, so pressure on the cross rate is to the downside, for the AUD.
Current Level: .5115
Support: .5050
Resistance: .5200
Last week’s range: .5065 – .5140