The Australian Dollar (AUD) is drifting around the 0.5200 (1.9240) zone early Tuesday against the British Pound (GBP) having outperformed last week from 0.5115 (1.9550) levels. It’s a big calendar of data on the books this week- the Bank of England (BoE) are predicted to raise interest rates from 5.25% to 5.50% Thursday however CPI releases the day prior which could put a cat amongst the pigeons if the figure is above 7.0% forecast raising questions of further hiking not to mention pushing up the value of the GBP. Baileys post release will be key. UK Retail Sales and Manufacturing print at the end of the week. A push through 0.5225 (1.9140) looks unlikely.
Current Level: 0.5200
Support: 0.5025
Resistance: 0.5270
Last week’s range: 0.5114 – 0.5209