The Australian Dollar (AUD) extended its move higher Monday to 0.5150 (1.9415) vs the British Pound (GBP) easing to 0.5142 (1.945) this morning. Notably the cross has broken the 0.5140 (1.9460) level which could signal further upside for the AUD as the week progresses. UK GDP for July prints this week which could weaken the GBP if we see the forecasted -0.2% reported. Certainly, around these levels buyers of GBP should consider. The long-term trend lower could resume any day.
Current Level: 1.9462
Resistance: 2.1600
Support: 2.0680
Last Weeks Range: 1.9465 – 1.9746