FX News

AUD/GBP Transfer

The British Pound (GBP) rallied off 0.5695 (1.7560) late Friday against the Australian Dollar (AUD) to close out the week around 0.5620 (1.7790) the by-product of heavy “risk off” tone. The Aussie extended losses down to 0.5600 (1.7850) Monday amid thin market conditions as the UK broke for “May Day” holiday. Price action into Tuesday saw the AUD reverse pull back losses to 0.5640 (1.7730). Both the RBA and Bank of England are predicted to raise interest rates this week at their respective policy meetings- the RBA to 0.25% from 0.10% and the BoE to 1.0% from 0.75%. This will no doubt cause decent currency movement as analysts predict fair value. We expect the early April bear run in the cross to advance this week.

Current Level: 0.5659 (1.7670)
Resistance: 0.5710 (1.7800)
Support: 0.5620 (1.7520)
Last Weeks Range: 0.5591-0.5727 (1.7459-1.7884)

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