The Bank of England (BoE) cut their interest rate Friday from 5.00% to 4.75% as widely expected. The vote, an 8-1 decision was accompanied by benign policy guidance with a gradual approach to slowly removing restraints. The recent budget reinforcing a boost to growth and inflation. The British Pound (GBP) pushed higher over the news to0 0.5090 (1.9650). Heading into Tuesday the AUD has recovered slightly to 0.5110 (1.9570) as we await Australian Jobs data this week.
Current Level: 1.9580
Resistance: 1.9700
Support: 1.9330
Last Weeks Range: 1.9426- 1.9781