FX News

AUD/GBP(GBP/AUD) Conversion:

The British Pound (GBP), Australian Dollar (AUD) broke free from its 3-week trading range Monday passing 0.5680 (1.7610) on its way to reach 0.5710 (1.7510) early Tuesday. Higher stock prices this week and US Fed repricing its rate hike expectations has given support to the Aussie. This comes off the back of a poor economic outlook in China and the small miss in Australian Retail Sales. The key standout on the economic docket this week is today’s Australian GDP with predictions of 0.6% growth for the first quarter 2022. Anything lower than this could test the AUD.

Current Level: 0.5700 (1.7543)
Resistance: 0.5810 (1.7800)
Support: 0.5620 (1.7220)
Last Weeks Range: 0.5617-0.5685 (1.7588-1.7801)

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