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AUD to GBP Exchange Rate

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When converting Australian dollars (AUD) to Pounds Sterling (GBP), or GBP to AUD, by exchanging via Direct FX, you will save a significant amount of money. Our wholesale currency exchange rates for money transfers are significantly more competitive than bank foreign exchange rates. Being Australasian based, we specialise in knowing what drives AUD and GBP currency conversion rates.

AUD to GBP Overview:The Australian dollar is currently seen as a barometer for global growth. Whilst the Pound Sterling is also seen as a “growth currency”, it gravitates closer to the middle of the “growth currency, safe haven currency” spectrum, in terms of currency risk profiles. Australia’s exposure to the Asian growth economies of the past decade, has seen it make what is now arguably a paradigm shift higher in value, against the Pound Sterling.
 
Historical Ranges: 1 year  5 years 10 years 
AUD/GBP .4521 - .6293 .4521 - .6948 .3767 - .6948
GBP/AUD 1.5891- 2.1626 1.4393 - 2.1626 1.4393 - 2.6548

Current Official Cash Rates:
Reserve Bank of Australia (RBA): 1.50%         Bank of England (BoE): 0.25%

AUD GBP Weekly Updates:                                                                                Back to FX Updates

Friday 24th March 3:00pm(NZT)
The Australian dollar is softer against the GBP as the better economic data from the UK pushes the GBP higher. Now at 0.6100 and looks to have a weak tone.  Support at 0.6070 looks to be insight over the day. Any break below that level would be a bearish signal.
The current interbank midrate is:    AUDGBP 0.6113    GBPAUD 1.6357

The interbank range this week has been:    AUDGBP 0.6088 - 0.6264    GBPAUD 1.5963 - 1.6426
Tuesday 21st March 4:15pm(NZT)
Sideways trading but trending higher with small ranges. Currently at 0.6241 after a 0.6186 high last week. Look for continuing AUD strength toward next resistance at 0.6334.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6236 0.6200 0.6334 0.6191- 0.6287
GBP/AUD 1.6036 1.5787 1.6129 1.5906- 1.6153

Friday 17th March 4:00pm(NZT)
Sideways trading still happening in this cross, currently around 0.6211 but the GBP tone is softer, could see further temporary Australian dollar strength when the Brexit trigger is pulled over the next two weeks. Look for test of the 0.6240/50 level.
The current interbank midrate is:    AUDGBP 0.6207    GBPAUD 1.6111

The interbank range this week has been:    AUDGBP 0.6172 - 0.6287    GBPAUD 1.5906 - 1.6201
Tuesday 14th March 3:45pm(NZT)
The Australian dollar is still trading sideways in a narrow 0.6250-0.6115 range against the UK Pound. It is now at 0.6192, with the Brexit vote now over, there is more clarity to the UK situation, but economic data remains mixed. Look for a probe to the 0.6240 level over the next few days.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6193 0.6140 0.6260 0.6159- 0.6241
GBP/AUD 1.6146 1.5975 1.6286 1.6023- 1.6235

Friday 10th March 4:00pm(NZT)
The Australian dollar continues with very much a sideways move over a small range throughout the week against the UK Pound. The AUD has made a high of 0.6244, but failed to hold this level and is now back around 0.6185. We continue to favour the AUD on this cross and look for a test of 0.6240 early next week.
The current interbank midrate is:    AUDGBP 0.6184    GBPAUD 1.6170

The interbank range this week has been:    AUDGBP 0.6147 - 0.6241    GBPAUD 1.6022 - 1.6269
Tuesday 7th March 3:45pm(NZT)
The Australian dollar is little changed against the UK Pound in the sideways trend seen over the last 3 weeks mainly within the 0.6140-0.6200 (1.6287-1.6129) range. The AUD jumped to a 0.6253 (1.5991) high last week, but is now back around 0.6202 (1.6120). The AUD has lately been more positive on this cross, but not conclusive but maybe today’s RBA statement may see a change of gear for the AUD.  
  Current Level Support Resistance Last week's range
AUD/GBP 0.6199 0.6140 0.6260 0.6147- 0.6252
GBP/AUD 1.6131 1.5975 1.6286 1.5996- 1.6269

Friday 3rd March 4:15pm(NZT)
The Australian dollar continues to trade sideways against the GBP this week. The previous broad parameters of 0.6140 and 0.6200 (1.6287 and 1.6129) continue to contain price action with the trend mildly negative for the AUD , currently sitting around 0.6161 (1.6233). Look for a move to test the 0.6140 lower end of the range over the next few days.
The current interbank midrate is:    AUDGBP 0.6155    GBPAUD 1.6248

The interbank range this week has been:    AUDGBP 0.6112 - 0.6252    GBPAUD 1.5996 - 1.6360
Tuesday 28th February 7:45pm(NZT)
The Australian dollar continues to be range bound against the GBP over the week. The previous broad parameters of 0.6140 and 0.6200 (1.6287 and 1.6129) continue to contain price action for the pair. The last few days have seen very narrow price action with no clear indications of direction. However, given the more negative AUD tone against the USD our bias remains to sell into periods of AUD strength toward 0.6200 (1.6129).
  Current Level Support Resistance Last week's range
AUD/GBP 0.6178 0.6140 0.6200 0.6112- 0.6204
GBP/AUD 1.6185 1.6129 1.6286 1.6118- 1.6360

Friday 24th February 2:45pm(NZT)
The Australian dollar has remained very range bound against the UK Pound this week. The broad parameters of 0.6140 and 0.6200 (1.6287 and  1.6129) have contained price action for the pair so far, although the lower end of that range is currently under threat in the wake of yesterday's disappointing Australian Private Capital Expenditure data. Strong iron ore prices are providing some broad support for the AUD, but the UK economy is also performing much better than many had expected it would have, in light of the uncertainty around the impact of Brexit. There is a lot of negativity built into the UK Pound at the moment and if economic data continues to remain largely positive then at some stage the market may look to reprice the GBP somewhat stronger. For the time being look for more of the same range trading action, but our bias would be for selling into periods of AUD strength toward 0.6200 (1.6129).
The current interbank midrate is:    AUDGBP 0.6138    GBPAUD 1.6293

The interbank range this week has been:    AUDGBP 0.6140 - 0.6192    GBPAUD 1.6151 - 1.6288
Tuesday 21st February 6:45pm(NZT)
The Australian dollar is marking time against the UK Pound, albeit with a gradual weakening tone. Now trading at 0.6161 (1.6230) with no real trend in evidence. Better UK data has been matched with stronger Aussie data so the status quo remains. Look for the current 0.6100- 0.6200 (1.6393-1.6129) range to continue for the next week.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6161 0.6140 0.6200 0.6114- 0.6199
GBP/AUD 1.6230 1.6129 1.6286 1.6133- 1.6356

Friday 17th February 4:30pm(NZT)
Now around 0.6166 (1.6218) the Australian dollar has moved higher against the UK Pound on the better data over the week. The range has also moved slightly higher and although the AUD looks to be maintaining its upward trend, more positive economic data from the UK will make larger AUD gains difficult. Look for consolidation at current levels next week.
The current interbank midrate is:    AUDGBP 0.6157    GBPAUD 1.6241

The interbank range this week has been:    AUDGBP 0.6101 - 0.6199    GBPAUD 1.6133 - 1.6390
Tuesday 14th February 4:45pm(NZT)
Currently around 0.6123, the Australian dollar has marginally strengthened against the UK Pound over the last few days. Overall it continues to trade within a 0.6067-0.6170 range (1.6482-1.6207). Although the news has been more positive for the GBP of late we still favour the AUD in this cross and look for consolidation at current levels with the risk of a break above 0.6170, targeting 0.6230.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6125 0.6050 0.6150 0.6088- 0.6171
GBP/AUD 1.6327 1.6260 1.6528 1.6204- 1.6424

Friday 10th February 6:30pm(NZT)
The Australian dollar has continued in its sideways move against the Pound over the last few days, is now sitting at 0.6103 (1.6384) and looks to maintain consolidation around current levels barring any surprises. The old general 0.6230 - 0.5985 (1.6052-1.6705) range continues.
The current interbank midrate is:    AUDGBP 0.6114    GBPAUD 1.6357

The interbank range this week has been:    AUDGBP 0.6088 - 0.6171    GBPAUD 1.6204 - 1.6424
Tuesday 7th February 4:45pm(NZT)
The Australian dollar is trading in a sideways pattern against the GBP currently at 0.6133 within a general 0.6230 - 0.5985 (1.6052-1.6705) range. The more settled “Brexit” outcome has strengthened the GBP of late but given continued strength in base metal and gold prices we favour the AUD on this cross.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6131 0.5985 0.6150 0.5976- 0.6160
GBP/AUD 1.6312 1.6260 1.6708 1.6233 - 1.6734

Friday 3rd February 4:30pm(NZT)
The better Australian trade figure saw the Australian dollar rally against the UK Pound to a 0.6133 high (1.6305), it still sits around 0.6108 (1.6370) and now has potential to retest the 0.6230 (1.6051) high last seen mid-January.
The current interbank midrate is:    AUDGBP 0.6105    GBPAUD 1.6380

The interbank range this week has been:    AUDGBP 0.5977 - 0.6120    GBPAUD 1.6341 - 1.6731
Tuesday 31st January 4:45pm(NZT)
After initially dropping to 0.5964 1.6767) last week the Australian dollar has retraced some of its losses and currently sits around 0.6047 (1.6537). There was little substantive in the US-UK leaders visit and it appears that the UK Pound may continue to give back gains as Brexit concerns outweigh issues around the Australian rating downgrade potential.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6048 0.5985 0.6100 0.5964- 0.6096
GBP/AUD 1.6535 1.6393 1.6708 1.6404 - 1.6768

Friday 27th January 3:30pm(NZT)
Choppy trading this week as the Australian has been squeezed by a drop in Gold prices and the poor CPI data, whilst the GBP is broadly stronger. It is currently around 0.5980 (1.6722) and should consolidate at current levels to finish the week. The Australian may be under further pressure next week, if a US-UK trade deal potential becomes more certain, look for a shift to 0.5820 (1.7182) support region.
The current interbank midrate is:    AUDGBP 0.5984    GBPAUD 1.6711

The interbank range this week has been:    AUDGBP 0.5964 - 0.6139    GBPAUD 1.6290 - 1.6768
Tuesday 24th January 6:15pm(NZT)
Now at 0.6060 (1.6500) after a move between 0.6050-0.6114 (1.6528-1.6355) last night, the AUD has weakened on this cross over the last week, coming back from 0.6248 (1.6003) as the GBP has bounced...the AUD is still favoured but GBP could strengthen to the 1.68 (0.5952) level.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6057 0.5952 0.6200 0.6049- 0.6226
GBP/AUD 1.6511 1.6129 1.6800 1.6061 - 1.6531

Friday 20th January 1:30pm(NZT)
The UK Pound started the week on the back foot with expectations of a ‘hard Brexit’ speech from UK PM May weighing on the currency. Against the Australian dollar that dove the cross up to a high of 0.6254 (low of 1.5990). But with so much negativity already baked into the GBP, and PM May’s speech inspiring some confidence that the UK can deal with a clean break from the EU, the Pound sharply recovered. Better than expected economic data from the United Kingdom also helped, notably the inflation result which jumped to 1.6% from a prior reading of 1.2%. Initial resistance comes in around 0.6175 (support 1.6194) and we are looking for that to cap any potential strength as we head into next week. On the downside there is minor support around 0.6085 (resistance 1.6434) and any break of that would open the way for further losses.
The current interbank midrate is:    AUDGBP 0.6128    GBPAUD 1.6318

The interbank range this week has been:    AUDGBP 0.6086 - 0.6254    GBPAUD 1.5990 - 1.6431
Tuesday 17th January 2:15pm(NZT)
The Australian dollar continues to strengthen against the UK Pound. Overnight ranges were 0.6180 – 0.6245 (1.6179-1.6013) and it is currently trading around the 0.6209 (1.6104) mark. The next target is the October high of 0.6334 (1.5789), with the Brexit speech from the UK PM tonight and Chinese GDP data later this week we could see this level by the end of the week.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6207 0.6150 0.6334 0.6033 - 0.6254
GBP/AUD 1.6110 1.5789 1.6195 1.5990 - 1.6575

Friday 13th January 6:30pm(NZT)
The Australian dollar continued to firm against the GBP with a range of 0.9093-0.6173 (1.6411-1.6198) overnight and currently sits around 0.6167 (1.6215), we favour continued appreciation of the AUD on this cross as the risks facing the GBP unit outweigh any looming AUD threats….look for a break over 0.6200(1.6129) next week..
The current interbank midrate is:    AUDGBP 0.6161    GBPAUD 1.6231

The interbank range this week has been:    AUDGBP 0.5908 - 0.6172    GBPAUD 1.6203 - 1.6925
Tuesday 10th January 4:00pm(NZT)
Traded overnight in a 0.5949-0.6061 range and is currently sitting around the 0.6045 level. With the recent comments around a hard Brexit by UK Prime Minister May, we expect the AUD to remain strong against the GBP.  If base metal prices remain firm, supporting the AUD, a move back to the 0.6300 level last seen in November, cannot be discounted over the next few weeks.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6062 0.5850 0.6150 0.5854 - 0.6060
GBP/AUD 1.6495 1.6260 1.7094 1.6503 - 1.7082

Friday 23rd December 3:45am(NZT)
The Australian dollar has edged higher in quiet trade against the UK pound this week. There has been very little to go on for either currency during what has been a quiet week for pivotal incoming data. Focus to end the week is on today’s UK GDP numbers whilst over the holiday period indicators come mainly via UK PMIs in the first week of 2017. Initial levels to note continue to be .5825 (1.7167) on the downside and .5950 (1.6807) on the topside. Overall medium term momentum is mildly negative at present.
The current interbank midrate is:    AUDGBP 0.5873    GBPAUD 1.7028

The interbank range this week has been:    AUDGBP 0.5828 - 0.5939    GBPAUD 1.6837 - 1.7158
Tuesday 20th December 1:30pm(NZT)
The Australian dollar has eased in trade against the UK pound since our commentary on Friday. The move reflects the underperformance of the AUD as the market moves to reduce exposure towards the risk currencies given the rising geopolitical tensions this week. Falls in key $AUD sensitive commodity prices have also weighed. Focus for this week starts with today’s RBA minutes (expect little change) whilst in the, UK GDP numbers will garner the most attention. We favour buying the GBP over the AUD; especially should the first support level break.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5853 0.5825 0.5950 0.5828 - 0.5947
GBP/AUD 1.7084 1.6807 1.7167 1.6816 - 1.7158

Friday 16th December 11:45am(NZT)
Trade in the Australian dollar against the UK pound has been well contained since our commentary on Tuesday. Both currencies have fallen significantly at the expense of the stronger US dollar this week, especially since yesterday’s US Fed meeting. Highs around .5950 (1.6807 lows) which capped once again during the week is the first resistance level to watch heading into next week. Events to consider include the RBA minutes on Tuesday and UK GDP data on Thursday. We lack any bias on the next shift while the momentum is so low.
The current interbank midrate is:    AUDGBP 0.5921    GBPAUD 1.6889

The interbank range this week has been:    AUDGBP 0.5880 - 0.5948    GBPAUD 1.6813 - 1.7006
Tuesday 13th December 2:30pm(NZT)
The Australian dollar has drifted lower in trade against the UK pound since our report on Friday. There has been little in the way of fresh leads for the cross in the interim which has seen both currencies lift against an overall weaker US dollar. Look for this week to be busy given the heavy UK calendar which begins with numbers on inflation today. Thursday looms as a key day as Australian employment data is followed by the BoE monetary policy review. Current momentum is lacking and gives little guidance in what direction the next shift may occur, so data will be especially critical.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5911 0.5825 0.5950 0.5824 - 0.5948
GBP/AUD 1.6917 1.6807 1.7167 1.6813 - 1.7171

Friday 9th December 11:15am(NZT)
The Australian dollar has lifted in trade against the UK pound since our commentary on Tuesday. The move reflects the relative outperformance of the AUD especially towards the latter part of the week and overnight which has seen the GBP trade lower on the back of sharp falls in the EUR (after the ECB). Next week will be full of events for the cross. In the UK we have inflation (Tuesday), employment (Wednesday) and the BoE meeting on Thursday as the key risks. Employment data is also due from Australia on Thursday. Resistance is now eyed at .5950 (1.6807 support) and .6000 (1.6667 support). Support is seen at .5825 (1.7167 resistance).
The current interbank midrate is:    AUDGBP 0.5926    GBPAUD 1.6876

The interbank range this week has been:    AUDGBP 0.5824 - 0.5940    GBPAUD 1.6836 - 1.7171
Tuesday 6th December 2:30pm(NZT)
The Australian dollar has continued to ease in trade against the UK pound since our report on Thursday. The move represents a continuation of the recent trend which has seen support for the GBP increase on the back of reasonable data and expectations that the UK may avoid a ‘hard’ Brexit. Momentum for the cross continues to favour the downside although solid risks are present in the next 24 hours over the RBA (today) and the Australian GDP tomorrow.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5867 0.5825 0.5925 0.5829 - 0.6043
GBP/AUD 1.7044 1.6878 1.7167 1.6549 - 1.7154

Thursday 1st December 2:00pm(NZT)
The Australian dollar has fallen sharply in trade against the UK pound since our commentary on Tuesday. Much of the move has occurred on the back of the poor performance in the AUD which has fallen over a cent against the US dollar in trade overnight. Sentiment around the state of the Australian building and construction sector looks to have contributed in the wake of this week’s poor data from the sector. Look to today’s Australian CAPEX data and retail sales (tomorrow) for influence. UK data comes in the form of PMIs today and tomorrow. Next support below .5890 (1.6978 resistance) is seen at .5850/60 (1.7094/1.7065 resistance).
The current interbank midrate is:    AUDGBP 0.5903    GBPAUD 1.6941

The interbank range this week has been:    AUDGBP 0.5899 - 0.6043    GBPAUD 1.6549 - 1.6953
Tuesday 29th November 3:30pm(NZT)
The Australian dollar has continued to rise in trade against the UK pound since our report on Friday. The move reflects the overnight fall in the GBP and gains in the AUD (key commodity currencies gained) in an environment of a weaker US dollar. Commodity currency appeal looks likely to be a driver of trade later in the week after the OPEC decision (the meeting convenes tomorrow). UK PMI indicators will also be watched. Current momentum is AUD positive, although the uncertainty around the OPEC outcome makes calling the next shift difficult.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6036 0.5920 0.6100 0.5901 - 0.6040
GBP/AUD 1.6566 1.6393 1.6892 1.6556 - 1.6946

Friday 25th November 2:30pm(NZT)
The Australian dollar has lifted moderately in trade against the UK pound this week. The move reflects the partial recovery in the AUD/USD exchange rate which had fallen particularly heavily last week. Key commodity price strength and a reduction in the heavy transactional selling have helped the bounce. First minor support to watch next week is around the weekly lows at .5890 (1.6978 resistance) whilst first resistance is seen around .6010 (1.6639 support). We lack a view on the next shift from here and see AUD sentiment next week as being the likely driver.
The current interbank midrate is:    AUDGBP 0.5956    GBPAUD 1.6790

The interbank range this week has been:    AUDGBP 0.5890 - 0.6006    GBPAUD 1.6649 - 1.6978
Tuesday 22nd November 2:30pm(NZT)
The Australian dollar has continued to fall against the UK pound since our report on Friday. The move comes on the back of further falls in the AUD against the US dollar and after a jump in the sterling in trade overnight (on the back of UK PM May’s comments). Domestic drivers look unlikely to have a great deal of influence on the cross this week which means sentiment and flow will dictate the net move. First support is seen at .5850/60 (1.7094/1.7065 resistance), although better support lies much lower around .5620 (1.7794 resistance). Momentum continues to favour the GBP at present.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5903 0.5850 0.6010 0.5890 - 0.6095
GBP/AUD 1.6940 1.6639 1.7094 1.6406 - 1.6978

Friday 18th November 2:30pm(NZT)
The Australian dollar has fallen in trade against the UK pound since our commentary on Tuesday. The move reflects the relative underperformance of the AUD in the environment of a much stronger US dollar this week. Weakness in key commodity prices and a dim market view of yesterday’s employment data has also weighed on the AUD sentiment. First support remains nearby at .5950 (1.6807 resistance) whilst the weekly highs near .6100 (1.6393) are first resistance. We favour the GBP over the AUD, especially should .5950 clear. Next support would be seen at .5850/60 (1.7094/1.7065 resistance).
The current interbank midrate is:    AUDGBP 0.5971    GBPAUD 1.6747

The interbank range this week has been:    AUDGBP 0.5956 - 0.6095    GBPAUD 1.6406 - 1.6790
Tuesday 15th November 2:00pm(NZT)
The Australian dollar is trading largely unchanged in trade against the UK pound since our commentary on Friday, although lows ahead off .5950 (1.6807 highs) have traded in the interim. The large fall last week reflected the outperformance of the GBP in the environment of a much stronger US Dollar, although recent gains in the AUD after last week’s large fall has tempered the momentum. Look for a very busy week in this cross given the busy data schedule. We have no bias at present.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6047 0.5950 0.6100 0.5969 - 0.6288
GBP/AUD 1.6537 1.6393 1.6807 1.5903 - 1.6753

Friday 11th November 2:30pm(NZT)
The Australian dollar has lost significant ground in trade against the UK pound this week. The move comes on the back of the outperformance of the GBP relative to the AUD after the surprise Trump win in the US election. Resistance is eyed at .6250 (1.6000 support) and on the weekly highs beyond (.6285/1.5911 support). Look for further volatility next week with a moderate downside bias in the cross until the US election uncertainty issue fades. Data next week includes jobs numbers from both countries (UK on Wednesday, Australia on Thursday) and inflation numbers in the UK on Tuesday.
The current interbank midrate is:    AUDGBP 0.6046    GBPAUD 1.6541

The interbank range this week has been:    AUDGBP 0.6044 - 0.6288    GBPAUD 1.5903 - 1.6544
Tuesday 8th November 2:30pm(NZT)
The Australian dollar is trading largely unchanged in trade against the UK pound since our last report on Thursday. Levels just shy of .6100 (1.6393) have traded in the interim after the less dovish than expected commentary that was received from the BoE late last week. Data from both countries is light this week so expect moves in the cross to emanate from the outcome of tomorrow’s US election as funds flow in or out of risk currencies (Clinton victory will be seen as risk/AUD positive, initially).
  Current Level Support Resistance Last week's range
AUD/GBP 0.6221 0.6100 0.6335 0.6108 - 0.6289
GBP/AUD 1.6074 1.5785 1.6393 1.5901 - 1.6371

Thursday 3rd November 3:00pm(NZT)
The Australian dollar has had a relatively subdued week of trade against the UK pound this week. Events in both the UK and Australia have so far been close to market expectations which has meant the cross has side-tracked for most of the week, although highs around .6285 (1.5911 lows) were seen after the RBA. In focus is today’s BoE monetary policy announcement whilst tomorrow’s Australian events (the RBA MPS and retail sales) should also interest. The big picture momentum remains AUD positive, although a break of forming support around .6200 (1.6129 resistance) may cloud the outlook in the short term.
The current interbank midrate is:    AUDGBP 0.6220    GBPAUD 1.6077

The interbank range this week has been:    AUDGBP 0.6207 - 0.6289    GBPAUD 1.5901 - 1.6112
Tuesday 1st November 1:30pm(NZT)
The Australian dollar has eased marginally against the UK pound since our report on Friday. There has been little in the way of fresh news to go on in the interim, although the recent GBP bounce may reflect relief that BoE Governor Carney is set to remain until 2019. Central banks will be the key focus for the pair this week (RBA today, BoE on Thursday). We have little bias, although in the short-term at least we may see further consolidation, while last week’s AUD highs cap further AUD appreciation.
  Current Level Support Resistance Last week's range
AUD/GBP .6219 .6160 .6335 .6207 - .6332
GBP/AUD 1.6081 1.5785 1.6234 1.5793 - 1.6112

Friday 28th October 3:00pm(NZT)
The Australian dollar sits marginally higher in trade against the UK pound since Tuesday. Highs on the week (around .6335/1.5785 lows) were dictated by the strong rally in the AUD/USD (later completely reversed) after Wednesday’s stronger than expected Australian headline inflation data. In focus next week are the respective monetary policy decisions from both the RBA (Tuesday) and BoE (Thursday). We continue to have little immediate bias although are guided by the strong trend which favours the AUD over the GBP.
The current interbank midrate is:    AUDGBP 0.6236    GBPAUD 1.6037

The interbank range this week has been:    AUDGBP 0.6207 - 0.6329    GBPAUD 1.5801 - 1.6112
Tuesday 25th October 3:00pm(NZT)
The Australian dollar is sitting largely unchanged in trade against the UK pound since Friday. There has been little in the way of news for either currency in the interim which has seen both drift lower as the greenback continues to rally strongly. In focus this week is Thursday’s UK GDP data and tomorrow’s Australian inflation data. We have little in the way of immediate bias, although for now the uncertain prospects for the UK should favour the AUD over the GBP in time.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6211 0.6160 0.6300 0.6208 - 0.6296
GBP/AUD 1.6101 1.5873 1.6234 1.5883 - 1.6108

Friday 23rd October 2:30pm(NZT)
The Australian dollar has eased from its highs set near .6295 (1.5886 lows) against the UK pound earlier in the week. The move came after yesterday’s weaker than expected Australian employment report which continued to show deterioration in the trend of full-time job creation. The data clouds the immediate outlook for the cross and given the strong gains of late may usher in a period of retracement, although much depends on sentiment around the GBP as to whether this will eventuate. In focus next week are the Australian inflation numbers on Wednesday which will be followed by UK GDP data on Thursday.
The current interbank midrate is:    AUDGBP 0.6224    GBPAUD 1.6067

The interbank range this week has been:    AUDGBP 0.6182 - 0.6296    GBPAUD 1.5883 - 1.6176
Tuesday 18th October 3:00pm(NZT)
The Australian dollar has continued to rally against the UK pound since our report on Friday. The move reflects the weak GBP and the outperformance of the commodity currencies in the environment of a strong USD in recent days. This week is heavy for influence in this cross which means the prospect for high volatility remains elevated. Data of interest includes employment numbers from both countries, and inflation/retail numbers in the UK. Today’s RBA minutes may create some interest. We continue to favour the AUD over the GBP.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6252 0.6225 0.6380 0.6125 - 0.6281
GBP/AUD 1.5996 1.5674 1.6064 1.5920 - 1.6327

Friday 14th October 2:00pm(NZT)
The Australian dollar has risen further in trade against the UK pound since our commentary on Tuesday. The move reflects an extension of the recent momentum which continues to see the GBP suffer at the hands of negative Brexit sentiment. Next week will again be busy given the heavy data calendars, particularly so in the UK. Expect considerable volatility as investors move to punish any disappointing reads in the UK, although extended speculative GBP positioning also offers the prospect of sharp GBP bounces.
The current interbank midrate is:    AUDGBP .6185    GBPAUD 1.6168

The interbank range this week has been:    AUDGBP .6008 - .6293    GBPAUD 1.5891 - 1.6646
Tuesday 11th October 2:00pm(NZT)
The Australian dollar has continued to rise against the UK pound in recent trade. Volatility has been extremely high and looks likely to stay that way given the extreme uncertainty over the looming formal UK EU exit talks. We see little reason to favour the GBP in this environment so this cross may gain over the weeks ahead, although we expect dips from time to time as speculative positioning in the GBP shifts. For now we would target support towards the .6060/70 area (1.6502/1.6474 resistance) to buy AUD.
  Current Level Support Resistance Last week's range
AUD/GBP .6152 .6060 .6200 .5955 - .6293
GBP/AUD 1.6255 1.6130 1.6500 1.5891 - 1.6792

Friday 7th October 2:30pm(NZT)
Update : The markets saw a dramatic drop in the GBP for now apparent reason. It appears there was NO new news to market and sources are trying to identify the trigger. Hours earlier there had been stern warning from French PM Hollande with regards to Brexit implications for the UK, but these had been on the wires for quite sometime prior to the fall. Some kind of electronic mistake can not be ruled out. What is clear is that the market is VERY weary of risks to the GBP and lower levels of liquidity mean that moves can be accentuated at times.
 
The Australian dollar has lifted against the UK pound in trade this week. The move reflects the continued underperformance of the GBP on the back of poor sentiment which is being driven by Brexit negotiation fears. These fears and the appetite for risk will combine with the BoE interest rate decision to drive trade next week. We favour buying AUD over the GBP based on the recent momentum and poor GBP sentiment, although expect considerable volatility to present opportunity. First (minor) resistance is seen at .6060 (1.6502 support), although .6160/70 (1.6234/1.6208) looks to be a more important upside target in time.
 
The current interbank midrate is:    AUDGBP .6090    GBPAUD 1.6420

The interbank range this week has been:    AUDGBP .5859 - .6293    GBPAUD 1.5891 - 1.7068
Tuesday 4th October 3:00pm(NZT)
The Australian dollar has again shifted higher in recent trade against the UK pound. The move reflects the poor performance of the GBP in the wake of headlines from the UK PM at the weekend which indicated a strong stance on immigration and a March 2017 timetable for the formal notification of the UK EU exit. Immediate focus for the cross is today’s RBA cash rate statement, whilst later in the week features further UK PMI indicators. The messy nature of Brexit headlines makes calling the next move very difficult, although for now the momentum is clearly once again for the AUD higher.
  Current Level Support Resistance Last week's range
AUD/GBP .5974 .5850 .6010 .5859 - .5984
GBP/AUD 1.6740 1.6640 1.7095 1.6712 - 1.7068

Friday 30th September 2:30pm(NZT)
The Australian dollar has had an extremely subdued week in trade against the UK pound this week. A lack of incoming data from either country has seen the cross trade a ~.5875-.5925 (1.7021/1.6878) range on the week. The recent weakness overnight in the AUD has us weary of whether this cross will move higher in the short term and a break of .5870 (1.7036) looks likely to open the downside. Look to UK data tonight for direction, although any further selling in the AUD may hold the key. Data of interest next week includes UK PMI indicators and the RBA monetary policy announcement on Tuesday.
The current interbank midrate is:    AUDGBP 0.5882    GBPAUD 1.7000

The interbank range this week has been:    AUDGBP 0.5841 - 0.5925    GBPAUD 1.6876 - 1.7121
Tuesday 27th September 3:00pm(NZT)
The Australian dollar has continued to advance against the UK pound since our commentary on Friday. The move can be put down to the relative weakness seen in the GBP in recent days on the back of concern over the likely outcome of negotiations on UK access to the European single market (when Brexit discussions begin). Data considerations will take a back seat again this week, at least until Friday. We continue to favour buying dips in this cross targeting the August highs of .5980 (1.6722 lows).
  Current Level Support Resistance Last week's range
AUD/GBP 0.5886 0.5870 0.5980 0.5777 - 0.5907
GBP/AUD 1.6989 1.6722 1.7036 1.6929 - 1.7311

Friday 23rd September 2:00pm(NZT)
The Australian dollar has continued to rally strongly against the UK pound this week. The move comes on the back of the weak sentiment towards the GBP after the recent Brexit headlines. Adding to the move the RBA minutes point to little need for urgency in cutting Australian rates further, a point further underlined yesterdays by Governor Lowes discussion on flexible inflation targeting. Highs around .5870 (1.7036 lows) have been seen during the week, although key resistance lies around and just above the recent .5980 highs (1.6722 lows). We favour buying dips at present. Scheduled focus next week will be Friday’s UK GDP data.
The current interbank midrate is:    AUDGBP 0.5847    GBPAUD 1.7103

The interbank range this week has been:    AUDGBP 0.5667 - 0.5871    GBPAUD 1.7032 - 1.7646
Tuesday 20th September 2:00pm(NZT)
The Australian dollar has rallied strongly against the UK pound since Friday. Much of the move can be put down to a report out of the UK in the interim which has highlighted the likely need for the UK to exit membership of the European single market in order to achieve UK voter wishes on immigration restrictions. AUD strength was also seen yesterday; in part as the RBA now look to have greater ability to stretch inflation targeting timing when setting interest rates. Events to watch for the cross start with today’s RBA minutes, although tomorrow’s (US time) US FOMC decision may have a more lasting impact- especially should rates be hiked and asset markets impacted (look for ‘risk’ selling).
  Current Level Support Resistance Last week's range
AUD/GBP 0.5778 0.5615 0.5810 0.5619 - 0.5795
GBP/AUD 1.7306 1.7212 1.7809 1.7256 - 1.7797

Friday 16th September 2:30pm(NZT)
The Australian dollar is trading unchanged against the UK pound in trade this week. Lows near .5615 (1.7809 highs) were seen during the week came on the back of a weaker AUD (which reflected risk based supply) and after further data from the UK labour market which showed employment growth remaining sound. The lows represented a marginal breach of the important AUD support seen in July. The rejection of this level clouds the outlook for the next move on this cross heading into next week. Events to watch will start with the RBA minutes on Tuesday and US FOMC on Thursday morning (NZ time), whilst in the UK there is very little on the event calendar.
The current interbank midrate is:    AUDGBP 0.5669    GBPAUD 1.7640

The interbank range this week has been:    AUDGBP 0.5619 - 0.5749    GBPAUD 1.7395 - 1.7797
Tuesday 13th September 1:30pm(NZT)
The Australian dollar has fallen in trade against the UK pound since our report last week. The move reflects the reduction in the appetite for the risk currencies and relative outperformance of the GBP in the wake of hawkish comments from Fed officials on Friday (over US rates), which saw global equities plummet and investors chase the greenback. This week looks likely to again be a busy one for this cross with indicators on UK inflation and employment due from both countries. Data from the UK retail sector is due on Thursday, although will be overshadowed by the BoE interest rate decision a few hours later. We lack a view given the busy (uncertain) schedule, but do point to .5625 (1.7778) as looking critical to further AUD downside.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5664 0.5625 0.5790 0.5648 - 0.5790
GBP/AUD 1.7654 1.7271 1.7778 1.7272 - 1.7705

Thursday 8th September 2:30pm(NZT)
The Australian dollar has lifted in trade against the UK pound this week. The move reflects both the relative outperformance of the AUD in the wake of the weaker key US data and soft UK manufacturing numbers/dovish overtures from the BoE. Expect a relatively quiet end to the week given that the key items of interest have passed. Resistance to this move should it continue should be seen around .5810 (1.7212 support), although we are unsure of whether this move can extend that far prior to Tuesday’s commentary.
The current interbank midrate is:    AUDGBP 0.5751    GBPAUD 1.7388

The interbank range this week has been:    AUDGBP 0.5662 - 0.5758    GBPAUD 1.7366 - 1.7662
Tuesday 6th September 3:30pm(NZT)
The Australian dollar has ticked higher against the UK pound since our report on Friday. The move comes despite two better than expected UK PMI releases in the interim and reflects the relative yield appeal of the AUD in the wake of the reduced expectations of Fed rate hikes after Friday’s weaker than expected US employment data. Look for today’s RBA statement for pivotal direction on the cross this week. Other indicators of interest will be tomorrow’s Australian GDP report and later UK manufacturing data and BoE inflation report hearings/speech from Governor Carney. We favour selling AUD rallies, although note the potential for higher volatility later today.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5711 0.5625 0.5810 0.5662 - 0.5791
GBP/AUD 1.7509 1.7212 1.7778 1.7267 - 1.7662

Friday 2nd September 2:30pm(NZT)
The Australian dollar has fallen notably against the UK pound in trade this week. Much of the move has come in the last 24 hours on the back of the large upside surprise in the UK manufacturing PMI print, which posted its largest monthly gain in a quarter of a century. Today’s UK construction PMI data and the US Nonfarm employment report will be the focus for the cross today. Events of interest next week start with the UK services and manufacturing PMI reads on Monday and Australian RBA interest rate decision on Tuesday. We now again favour selling AUD rallies for this move to extend to .5625 (1.7778) and .5500 (1.8182).
The current interbank midrate is:    AUDGBP 0.5685    GBPAUD 1.7590

The interbank range this week has been:    AUDGBP 0.5662 - 0.5808    GBPAUD 1.7217 - 1.7662
Tuesday 30th August 2:00pm(NZT)
The Australian dollar is trading at levels similar to those reported on Friday against the UK pound. Some volatility was seen on Friday during the comments which came from senior US Fed officials which initially saw the USD ease (Yellen comments), and then rally sharply (Fed’s Fischer comments). The prospect of higher USD rates hit relatively high yielders like the AUD harder than the GBP, and this effect saw the cross trade to AUD lows near .5730 (1.7452 highs). We have little bias this week and expect only moderate moves ahead of Friday’s US Nonfarm payrolls employment data.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5774 0.5625 0.5810 0.5738 - 0.5815
GBP/AUD 1.7318 1.7212 1.7778 1.7198 - 1.7427

Friday 26th August 3:30pm(NZT)
The Australian dollar has fallen further against the UK pound in trade this week. The move comes as the GBP continues to find demand on the back of extended speculative short positioning. Data this week has failed to make any impact on the cross given its low importance although for now the negative momentum in the cross has reversed temporarily off the .5740 (1.7422) level. Look for immediate direction to come from today’s second read on UK Q2 GDP and any headlines from the Bank of England leaders at Jackson Hole.
The current interbank midrate is:    AUDGBP 0.5774    GBPAUD 1.7319

The interbank range this week has been:    AUDGBP 0.5741 - 0.5842    GBPAUD 1.7116 - 1.7418
Tuesday 23rd August 1:30pm(NZT)
The Australian dollar has continued to ease against the UK pound since our report on Friday. There has been no news of interest in the interim to move the cross which has meant the momentum from last week has continued to set the theme of trade. This should again be the case this week at least until Friday when we have second read of the Q2 UK GDP and headlines which will come out of the Jackson Hole central banker meeting. We continue to favour selling rallies for now as we look for this move to extend towards .5625 (1.7778) over time.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5809 0.5760 0.5845 0.5794 - 0.5980
GBP/AUD 1.7213 1.7109 1.7361 1.6722 - 1.7259

Friday 19th August 1:30pm(NZT)
The Australian dollar has fallen against the UK pound this week. The move comes on the back of the sharp rally which has been seen by the GBP after the better than expected UK data which has exposed the extreme level of speculative shorts present in the market. Minor support is seen at .5800 (1.7241 resistance) although should offer little in the way of a barrier to further downside momentum given the extent of the move higher seen since late May. We favour selling rallies next week given the reversal in fortunes of the GBP and uninspiring performance of the AUD.
The current interbank midrate is:    AUDGBP 0.5829    GBPAUD 1.7156

The interbank range this week has been:    AUDGBP 0.5826 - 0.5980    GBPAUD 1.6722 - 1.7164
Tuesday 16th August 1:30pm(NZT)
The Australian dollar continues to trade on a solid note against the UK pound in current trade. A move under .5900 (over 1.6949) was short lived late last week as demand for the AUD again returned which was helped by positive sentiment for the commodity currencies in general. This week looks set to be a very interesting one for this cross as start to receive some of the most important data seen out of the UK since the UK Brexit vote. Events include numbers on UK inflation and producer prices later today, UK employment tomorrow and Australian employment and UK retail sales on Thursday.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5950 0.5875 0.6000 0.5868 - 0.5974
GBP/AUD 1.6807 1.6667 1.7021 1.6739 - 1.7042

Friday 12th August 2:30pm(NZT)
The Australian dollar has continued to rally against the UK pound this week. The move represents a continuation of the recent momentum which has seen the cross resume its AUD outperformance in the last week. Weaker than expected UK data earlier in the week and continued support for higher yielding currencies like the AUD has seen the pair trade to .5955 highs (1.6793 lows) so far. Resistance is seen at .6000 (1.6667 support) initially, whilst first support (minor) is eyed around .5875 (1.7021 resistance). Look for UK data and the RBA minutes on Tuesday next week for first influence.
The current interbank midrate is:    AUDGBP 0.5918    GBPAUD 1.6897

The interbank range this week has been:    AUDGBP 0.5806 - 0.5956    GBPAUD 1.6791 - 1.7223
Tuesday 9th August 2:30pm(NZT)
The Australian dollar has continued to advance against the UK pound since our last report. The move reflects the continued strong demand that has been seen for the AUD in recent days which has remained in place this week even despite Friday’s strong US employment data. For now this move looks set to continue based on the current relative outperformance of the AUD with next resistance at .6000 (1.6667 support) eyed in time. Look for minor influence to come from the UK data later today, whilst in Australia the speech tomorrow by RBA Governor Stevens has the most potential to cause a stir.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5878 0.5625 0.6000 0.5677 - 0.5882
GBP/AUD 1.7012 1.6667 1.7778 1.7002 - 1.7616

Friday 5th August 12:30pm(NZT)
The Australian dollar has rallied against the UK pound since our report on Tuesday. The move occurred in trade overnight and came on the back of the GBP weakness which was seen after the BoE delivered a more dovish than expected assessment on the economy and the monetary policy outlook. This move looks likely of challenging the post Brexit highs around .5865 (1.7050 lows) in the days ahead. Key support remains at .5625 (1.7778 resistance). Look to the UK manufacturing numbers on Tuesday for further leads on the cross. This afternoon’s RBA monetary policy statement should be watched although looks most likely to reveal little new.
The current interbank midrate is:    AUDGBP 0.5821    GBPAUD 1.7180

The interbank range this week has been:    AUDGBP 0.5677 - 0.5823    GBPAUD 1.7174 - 1.7616
Tuesday 2nd August 3:00pm(NZT)
The Australian dollar is drifting against the UK pound in current trade ahead of today’s key RBA monetary policy decision. Resistance was seen again yesterday around last week’s highs (.5755, 1.7376 lows) as the AUD momentum continued to be positive after Friday’s key US data miss. Gains for the GBP on the weak US data have moderated this week in part on the back of the downwards UK manufacturing PMI revision yesterday. Look for today’s RBA decision and the BoE decision on Thursday to set the direction for this week. July highs around .5865 (1.7050 lows) is the initial target for a BoE cut/RBA no cut combo.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5709 0.5625 0.5760 0.5657 - 0.5759
GBP/AUD 1.7516 1.7361 1.7778 1.7364 - 1.7678

Friday 29th July 1:45pm(NZT)
The Australian dollar has had a quiet week against the UK pound this week. The lack of volatility reflects the relatively muted ranges for both the GBP and AUD against the greenback as the data from both countries lacked the surprise element to drive the cross materially in either direction. Expect next week to be vastly different however, given that both the RBA and BoE are set to meet. We lack a bias given the uncertain nature of the outcomes of the respective central bank decisions, although the risk points to a potential lack of a cut from the RBA and BoE easing which would pressure the AUD higher on the week if such an outcome eventuates.
The current interbank midrate is:    AUDGBP 0.5708    GBPAUD 1.7520

The interbank range this week has been:    AUDGBP 0.5625 - 0.5757    GBPAUD 1.7372 - 1.7779
Tuesday 26th July 2:00pm(NZT) 
The Australian dollar has firmed against the UK pound since our report on Friday. The move comes on the back of the GBP weakness which underperformed relative to the AUD in the face of the overall stronger greenback on Friday. Data out of the UK on Friday was weak, although was more positive when viewed against the pessimistic expectations. Wednesday is the critical day for the cross this week as we get indicators on Australian inflation and UK GDP come to market. We lack any bias on the week and see the data as likely dictating the next move.
  Current Level Support Resistance Last week's range
AUD/GBP .5712 .5625 .5775 .5625 - .5741
GBP/AUD 1.7508 1.7320 1.7780 1.7418 - 1.7779

Friday 22nd July 1:00pm(NZT)
The Australian dollar has eased marginally against the UK pound since our report on Tuesday. Support at .5625 (1.7778 resistance) has held during the week in the aftermath of the RBA minutes that raised expectations of an RBA rate cut next month and data from the UK earlier in the week which was generally positive. A moderate bounce has been observed in recent trade on the back of AUD strength and a softer GBP which was weighed (initially) by a poor retail sales report. Next Wednesday’s Australian inflation and UK GDP data will be key for the next swing in this cross although for now the momentum slightly favours the downside.
The current interbank midrate is:    AUDGBP 0.5664    GBPAUD 1.7656

The interbank range this week has been:    AUDGBP 0.5630 - 0.5774    GBPAUD 1.7320 - 1.7762
Tuesday 19th July 1:00pm(NZT)
The Australian dollar is largely unchanged against the UK pound since our report on Friday. The market has had little to go on for this cross since Friday as both the GBP and AUD eased in the face of a stronger greenback which rallied on the back of ‘safe haven’ and data based demand. Look for influences to start today however as the RBA minutes come to market this afternoon. Other direction could come from today’s UK inflation report and UK employment data tomorrow, whilst data from the British retail sector on Thursday is likely to have less bearing. We favour a further lowering in demand for AUD for the time being.
  Current Level Support Resistance Last week's range
AUD/GBP .5690 .5625 .5775 .5675 - .5814
GBP/AUD 1.7575 1.7316 1.7778 1.7201 - 1.7623

Friday 15th July 2:00pm(NZT)
The Australian dollar has continued to track lower against the UK pound over the course of this week. Highs near .5865 (1.7050) were seen at the start of the week although trade has mainly been in one direction this week as investors warmed to more political certainty in the UK after new PM May was brought into office. A lack of a cut by the BoE yesterday and a continued rally in world equities has also served to calm the previously heightened Brexit fears. Look to UK data next week for continued impetus starting with inflation numbers on Tuesday. Data on employment (Wednesday) and the retail sector (Thursday) will also feature whilst in Australia only the RBA minutes on Tuesday are of note. We now favour selling rallies towards .5800 (1.7241) for now.
The current interbank midrate is:    AUDGBP 0.5695    GBPAUD 1.7559

The interbank range this week has been:    AUDGBP 0.5695 - 0.5866    GBPAUD 1.7046 - 1.7559
Tuesday 12th July 1:00pm(NZT)
The Australian dollar is largely unchanged in current trade against the UK pound since our report on Friday. Highs around .5865 (1.7050) were seen yesterday and came in response to a clearer picture of the Australian political landscape and after the ‘risk’ currencies received a boost on the back of the better than expected US employment data on Friday. Some moderation in the cross has been noted overnight in response to the firmer GBP/USD however. The BoE interest rate meeting and the Australian employment report for June means Thursday will be a key day for fresh direction in this cross.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5802 0.5625 0.5865 0.5662 - 0.5866
GBP/AUD 1.7236 1.7050 1.7778 1.7046 - 1.7663

Friday 8th July 12:00pm(NZT)
The Australian dollar has continued to advance against the UK pound in trade this week. The move represents the continued uncertainty in the UK economy after the Brexit vote and comes as several major UK property funds have halted redemptions in response to the plunging confidence and illiquid market. We favour buying AUD dips in this cross towards .5625 (up to 1.7778) while the crisis of confidence in the UK remains centre-stage. Look to the final results of the Australian election for a partial dip should a hung parliament eventuate. The target beyond this week’s highs is .6000 (lows 1.6667).
The current interbank midrate is:    AUDGBP 0.5807    GBPAUD 1.7220

The interbank range this week has been:    AUDGBP 0.5576 - 0.5833    GBPAUD 1.7145 - 1.7935
Tuesday 5th July 2:00pm(NZT)
The Australian dollar has continued to move higher against the UK pound since our last report. The move comes despite the current political uncertainty in Australia after the weekend’s election, although when viewed against what is the mess of the UK political/economic landscape post the EU vote the issues for Australia look miniscule. Events today starting with the RBA cash rate statement will be important for the cross this week. Also look to the BoE Financial Stability Report and speech from Governor Carney for fresh influence from the UK. We continue to favour buying  AUD dips in this cross.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5670 0.5500 0.5800 0.5497 - 0.5682
GBP/AUD 1.7637 1.7241 1.8182 1.7599 - 1.8192

Friday 1st July 3:00pm(NZT)
The Australian dollar has edged higher against the UK pound this week, although resistance at .5630 (1.7762 support) has once again limited the gains. The move has come as the markets have moved to re-rate their exposure to global equities and the risk currencies as confidence has improved over the course of the week. Next week looks to be an interesting one which starts with the fallout from this weekend’s Australian election. Brexit headlines will also naturally be in focus whilst the RBA cash rate announcement on Tuesday will also be important. We favour buying AUD on dips targeting fresh support near .5500 (1.8182 resistance).
The current interbank midrate is:    AUDGBP 0.5578    GBPAUD 1.7928

The interbank range this week has been:    AUDGBP 0.5166 - 0.5626    GBPAUD 1.7773 - 1.9357
Tuesday 28th June 2:00pm(NZT)
The Australian dollar has been re-rated materially higher against the UK pound in the wake of the decision by British voters in choosing to leave the EU on Friday. The move comes as the GBP has fallen ~12% against the greenback to lows last seen in 1985 as investors fear for the prospects of the UK economy in years ahead should they proceed to leave the EU. Look for Brexit sentiment to dominate this week (and in the weeks ahead) which has us favouring buying AUD over the GBP targeting entries near first support ahead of .5465 (1.8298 resistance).
  Current Level Support Resistance Last week's range
AUD/GBP 0.5564 0.5465 0.5630 0.5072 - 0.5626
GBP/AUD 1.7973 1.7762 1.8298 1.7773 - 1.9716

Friday 24th June 3:00pm(NZT)
The Australian dollar sits higher in current trade against the UK pound since our report on Tuesday. Volatility is extreme currently and looks likely to remain so well into next week. Expect results of the UK EU referendum throughout the afternoon with the final results likely by 7.00 am London time. Resistance for the time being remains in place at .5250 (1.9048 support) whilst support is noted at .5040 (1.9841 resistance), although momentum after the result will likely drive trade beyond these levels. Second support is .4975 (2.0101 resistance). Second resistance is seen at .5465 (1.8298 support).
The current interbank midrate is:    AUDGBP 0.5235    GBPAUD 1.9102

The interbank range this week has been:    AUDGBP 0.5070 - 0.5229    GBPAUD 1.9125 - 1.9725
Tuesday 21st June 2:00pm(NZT)
The Australian dollar has fallen markedly against the UK pound since our last report. The move comes after the GBP posted it largest gain in eight years on the back of polling which has shown a shift in favour of the ‘remain’ camp in the coming EU referendum which is set for this Thursday. Look for polling and the vote result to dominate moves in this cross almost completely this week. Second support is set at .4975 (2.0101 resistance), expect volatility to remain extreme.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5095 0.5040 0.5250 0.5070 - 0.5252
GBP/AUD 1.9627 1.9048 1.9841 1.9039 - 1.9725

Friday 17th June 3:00pm(NZT)
The Australian dollar sits largely unchanged against the UK pound since our commentary on Tuesday. Polling on the UK EU referendum has continued to dominate the news over the week although deteriorating risk sentiment has meant that the AUD has been unable to capitalize materially on the periods of GBP weakness. Resistance is pegged at .5250 (1.9048 support) whilst minor support is noted at .5165 (1.9361 resistance) although these levels will count for little next week, especially once the referendum results are known. Highs around .5465 (1.8298) seen in April this year look capable of being reached on a UK exit decision.
The current interbank midrate is:    AUDGBP 0.5183    GBPAUD 1.9292

The interbank range this week has been:    AUDGBP 0.5119 - 0.5252    GBPAUD 1.9039 - 1.9534
Tuesday 14th June 2:00pm(NZT)
The Australian dollar has continued to advance against the UK pound in trade since Friday. Brexit polling remains the dominant influence on volatility in this cross and will continue to remain so until after the referendum. The latest polling ushered in the recent highs in the cross yesterday, this level through to .5250 (1.9048) is the first level of resistance for the cross. Look for more volatile trade this week given the polling and economic calendar which starts with numbers on UK inflation today. Other data includes employment indicators from both countries, retail sales in the UK and the latest BoE monetary policy decision.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5197 0.5165 0.5250 0.5039 - 0.5244
GBP/AUD 1.9240 1.9048 1.9361 1.9070 - 1.9845

Friday 10th June 3:00pm(NZT)
The Australian dollar has lifted against the UK pound since our last report, although much of the gains have been given up over the last 24 hours. Initial gains were helped by the neutral RBA rate policy statement, the weak Brexit related GBP and a generally positive environment for risk over the week. Falling key commodity prices have helped the gains moderate in more recent trade however (AUD-). Events to watch next week include employment numbers from both countries and inflation data in the UK. EU membership polls will continue to make the moves unpredictable but for now we continue to favour buying dips under .5050 (1.9802).
The current interbank midrate is:    AUDGBP 0.5134    GBPAUD 1.9478

The interbank range this week has been:    AUDGBP 0.5015 - 0.5168    GBPAUD 1.9350 - 1.9941
Tuesday 7th June 3:00pm(NZT)
The Australian dollar remains on a solid footing against the UK pound in trade this week. Gains have continued since our last report and come on the back of further polls out of the UK which have showed a shift in favour of the UK leaving the EU. Many polls have now moved to the ‘leave’ vote leading and have undermined the short lived bounce that the GBP enjoyed from a weaker USD on Friday. Polling on the issue will continue to be critical this week for the cross although immediate attention now turns to today’s RBA cash rate announcement and commentary. Expect volatility to remain high in coming days. We favour buying dips below .5050 (1.9802) for now, although making calls on swinging polls is fraught with difficulty.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5095 0.4975 0.5120 0.4921 - 0.5116
GBP/AUD 1.9627 1.9531 2.0101 1.9546 - 2.0321

Thursday 2nd June 1:30pm(NZT)
The Australian dollar has reversed the recent downtrend in trade against the UK pound this week. The move has been sharp (up over 2.5%) and comes after key local Australian data beat expectations whilst the GBP has weakened on the back of Brexit polls which have shown a large shift in favour of the UK leaving the EU at the looming 23rd June referendum. Australian retail sales and the UK PMI indicators are the main economic events to watch for the remainder of this week. Resistance beyond the week’s highs should be seen around .5120 (1.9531 support). Key support is distant (.4840/.4875 zone, 2.0661/2.0513 resistance zone).
The current interbank midrate is:    AUDGBP 0.5028    GBPAUD 1.9890

The interbank range this week has been:    AUDGBP 0.4872 - 0.5041    GBPAUD 1.9836 - 2.0525
Tuesday 31st May 2:30pm(NZT)
The Australian dollar continues to trade with a weak tone against the UK pound. Weak AUD support levels continue to break during the now six week long down-trend. This comes as the GBP continues to benefit from improved Brexit sentiment, whilst in comparison the AUD suffers from malaise over waning local inflation and increased perception of RBA rate cuts. Data of interest for the cross this week included the various PMI indicators out of the UK and Australian GDP and retail sales (amongst others.) Whilst momentum still remains to the downside, buyers of AUD would be wise to begin taking advantage of the large sell-off near current levels.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4907 0.4840 0.5000 0.4872 - 0.4985
GBP/AUD 2.0379 2.0000 2.0661 2.0062 - 2.0525

Friday 27th May 2:00pm(NZT)
The correction lower in the AUD against the GBP which began back in late April continued this week. Fresh cycle lows of 0.4872 (highs 2.0525) traded in the wake of Governor Stevens speech on Tuesday. We have seen a recovery off those AUD lows, however and the pair is now close to testing key downtrend resistance around 0.4940 (support 2.0243). Any break through that level will no doubt encourage further AUD buying. If 0.4940 (2.0240) contains the AUD topside we may well see another test toward recent lows, but downside momentum does seem to be waning and recent GBP appreciation may have run its course. Those looking to purchase AUD with GBP should think seriously about taking advantage of current levels or any period of further weakness.
The current interbank midrate is:    AUDGBP 0.4928    GBPAUD 2.0292

The interbank range this week has been:    AUDGBP 0.4872 - 0.4998    GBPAUD 2.0006 - 2.0525
Tuesday 24th May 2:00pm(NZT)
The Australian dollar has managed to eke out further marginal gains against the UK pound since our report on Friday. The move comes on the back of falls in the GBP as BoE members struck cautionary comments on the UK economy during talks on Friday. The GBP proved to one of the few currencies to appreciate on the week against a USD which rose after more hawkish than expected US FOMC minutes. UK GDP numbers (Thursday) is the main data point for the cross this week. Momentum for the cross remains to the AUD downside, but this move lower looks extended to us.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4985 0.4900 0.5040 0.4914 - 0.5083
GBP/AUD 2.0060 1.9841 2.0408 1.9674 - 2.0350

Friday 20th May 3:00pm(NZT)
The Australian dollar has continued to fall against the UK pound this week. The move accelerated during the week after a number of polls in the UK which showed a continued shift in favour of the UK remaining within the EU. Data releases are mainly light overall next week (note UK GDP on Thursday) which should leave GBP sentiment and commodity/AUD sentiment as the drivers. This move looks extended in the short term and has us cautiously favouring an AUD bounce next week, although the momentum is lower. First minor resistance should be seen near .5040 (1.9841 support), weak support is noted around the week’s lows.
The current interbank midrate is:    AUDGBP 0.4953    GBPAUD 2.0189

The interbank range this week has been:    AUDGBP 0.4914 - 0.5086    GBPAUD 1.9661 - 2.0350
Tuesday 17th May 2:00pm(NZT)
The trend of a weakening Australian dollar against the UK pound has continued since our last report, although further declines have been limited so far. Heightening expectations of RBA rate cuts continues to pressure the AUD, whilst the GBP has lifted notably in trade against the USD this morning. Events to watch this week start with the UK inflation data later today. Employment data tomorrow (UK) and on Thursday (AU) will also be important drivers. Whilst momentum is for the AUD lower, we are now wary given the extended fall of the last three weeks.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5040 0.5000 0.5120 0.5038 - 0.5113
GBP/AUD 1.9843 1.9531 2.0000 1.9560 - 1.9848

Friday 13th May 3:00pm(NZT)
The Australian dollar continues to push lower against the UK pound in trade currently. Prevailing sentiment towards the AUD remains bearish after last week’s RBA events and comes as the market continues to raise its expectations of further RBA rate cuts. We continue to favour selling AUD rallies in this cross for now. First support is seen at .5000 (2.0000 resistance) whilst resistance is seen around this week’s highs at .5120 (1.9531 support). Look for UK inflation and employment indicators from both countries to drive next week, although commodity considerations will again be important.
The current interbank midrate is:    AUDGBP 0.5056    GBPAUD 1.9780

The interbank range this week has been:    AUDGBP 0.5049 - 0.5119    GBPAUD 1.9535 - 1.9808
Tuesday 10th May 2:00pm(NZT)
The Australian dollar remains under pressure against the UK pound in current trade. Sentiment towards the AUD has been particularly bearish over the last week following the decision by the RBA to cut rates on Tuesday and following their lowered assessment of inflation pressures on Friday. The heavy selling of commodities and commodity currencies has exacerbated the already weak AUD sentiment. We favour selling rallies, first resistance is now seen around .5120 (1.9531 support), first support is seen around .5000 (2.0000 resistance). The BoE on Thursday and commodity sentiment will drive the cross this week.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5069 0.5000 0.5120 0.5067 - 0.5255
GBP/AUD 1.9741 1.9531 2.0000 1.9030 - 1.9737

Friday 6th May 2:00pm(NZT)
The Australian dollar has fallen heavily against the UK pound this week. The move came on Tuesday after the decision by the RBA to cut rates to fresh lows at 1.75%. Selling of commodity currencies and a reduced appetite for risk has meant the AUD has been unable to bounce greatly in the aftermath of the decision despite the trifecta of weak UK PMI data. Support for the cross is seen at .5100 (1.9608 resistance), resistance is now eyed at .5250 (1.9048 support). Look to today’s RBA statement on monetary policy, tonight’s US data and next week’s BoE monetary policy announcement for direction over the coming week.
The current interbank midrate is:    AUDGBP 0.5152    GBPAUD 1.9409

The interbank range this week has been:    AUDGBP 0.5140 - 0.5255    GBPAUD 1.9030 - 1.9454
Tuesday 3rd May 2:20pm(NZT)
The Australian dollar has ticked higher against the UK pound since our report on Friday. There has been little to go on from the event calendar since our report for this cross, although this will change this afternoon with the release of the RBA cash rate decision. Expect volatile trade to ensue over the decision given the even weight of expectations. Of reduced interest later in the week will be the UK PMI indicators and Australian retail sales data. Friday’s RBA statement on monetary policy will also be of interest. We lack bias from here given the coin flip nature of today’s RBA decision.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5228 0.5100 0.5300 0.5191 - 0.5326
GBP/AUD 1.9127 1.8868 1.9608 1.8776 - 1.9264

Friday 29th April 2:00pm(NZT)
The Australian dollar has fallen sharply against the UK pound this week. The move comes mainly on the back of a very weak Australian Q1 inflation release on Wednesday. This has seen the cross trade to lows around .5200 (1.9231) during the week. Weak support is eyed from here to .5190 (1.9268 resistance) prior to stronger support at .5100 (1.9608). Resistance is seen from .5250 (1.9048 support) to .5260 (1.9011 support). We continue to favour selling AUD rallies in this cross. The RBA cash rate announcement on Tuesday will hog the limelight next week.
The current interbank midrate is:    AUDGBP 0.5218    GBPAUD 1.9163

The interbank range this week has been:    AUDGBP 0.5200 - 0.5419    GBPAUD 1.8453 - 1.9230
Tuesday 26th April 2:20pm(NZT)
The Australian dollar has continued to ease against the UK pound in recent trade. The move comes while the AUD remains soft against the USD on the back of weaker oil and iron ore prices overnight. This contrasts markedly with the GBP which has reached highs not seen since mid February against the USD as the market fears of a Brexit reduce. Immediate interest for this cross will turn to the Australian inflation and UK GDP numbers tomorrow. The outcome of the US FOMC meeting on Thursday may also have a more significant bearing on the riskier and the higher yielding currencies like the AUD. We now favour selling any AUD rallies in this cross.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5322 0.5300 0.5460 0.5318 - 0.5464
GBP/AUD 1.8790 1.8315 1.8868 1.8301 - 1.8805

Friday 22nd April 2:00pm(NZT)
The Australian dollar has eased against the UK pound this week having given up its gains during the last 24 hours on the back of a drop in the price of key commodities. Commodity prices have been under pressure from a stronger USD since the ECB meeting overnight after president Draghi indicated a willingness to wait before easing further. Fresh resistance has formed in the cross around the weekly highs (.5460, 1.8315 support), whilst on the AUD downside weak support is noted at .5380 (1.8587 resistance), prior to better support at .5300 (1.8868 resistance). Data events to watch next week are Australian inflation and UK GDP, both on Wednesday.
The current interbank midrate is:    AUDGBP .5414    GBPAUD 1.8470

The interbank range this week has been:    AUDGBP .5350 - .5464    GBPAUD 1.8301 - 1.8693
Tuesday 19th April 2:40pm(NZT)
The Australian dollar is largely unchanged against the UK pound since our report on Friday. A failure at the Doha oil producer meeting over the weekend saw the AUD move sharply lower in initial trade this week although news of Kuwaiti oil strikes has seen the oil price recover its declines and move higher so far on the week. A sharp rally by the GBP against the USD has meant that so far the cross has only marginally lifted on the week. Look for commodity pricing to continue to have a heavy influence on the AUDGBP this week. Data events of note are today’s RBA minutes and the UK employment and Retail Sales releases.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5430 0.5300 0.5600 0.5343 - 0.5462
GBP/AUD 1.8411 1.7857 1.8868 1.8308 - 1.8717

Friday 15th April 2:00pm(NZT)
The Australian dollar has rallied strongly against the UK pound since our report on Tuesday. The move comes on the back of the generally positive environment seen this week for commodity and risk currencies. Weakness in both the EUR and the GBP, which are often strongly linked, and a positive market response to yesterday’s Australian data have also helped the move higher. We continue to favour buying this AUD overall targeting support near .5400 (1.8519 resistance) for buy AUD orders. Data that will influence this cross prior to Tuesday is lacking, therefore look to commodity and risk sentiment to influence.
The current interbank midrate is:    AUDGBP 0.5438    GBPAUD 1.8388

The interbank range this week has been:    AUDGBP 0.5306 - 0.5462    GBPAUD 1.8308 - 1.8848
Tuesday 12th April 2:30pm(NZT)
The Australian dollar has eased against the UK pound in trade since our last report. The move comes despite the good support seen for commodity currencies overnight and the weaker UK data released later on Friday. Gains in the GBP (against the USD) have been the driver, although catalysts for the strong bounce aren’t obvious (although some overnight weakness in the USD has been noted). Look to UK inflation data tonight for immediate interest, other events to note are the Australian employment and BoE meeting, both on Thursday. We favour buying AUD dips on this cross overall.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5330 0.5300 0.5410 0.5294 - 0.5407
GBP/AUD 1.8762 1.8484 1.8868 1.8496 - 1.8890

Friday 8th April 2:00pm(NZT)
The Australian dollar has fallen against the UK in trade so far this week. Both the AUD and the GBP have been under pressure against the USD and JPY over the course of the week. Data influences of interest next week include UK inflation and Australian employment numbers. The BoE interest rate meeting will feature on Thursday. Resistance is seen at .5410 (1.8484 support), first support is seen near the weekly lows below .5300 (1.8868 resistance/weekly highs).
The current interbank midrate is:    AUDGBP 0.5352    GBPAUD 1.8684

The interbank range this week has been:    AUDGBP 0.5294 - 0.5407    GBPAUD 1.8495 - 1.8890
Tuesday 5th April 2:30pm(NZT)
The Australian dollar has fallen notably in trade against the UK pound so far this week. The move comes partly on the back of declines seen in the AUD yesterday and overnight which were brought about on the back an easing in commodity prices. The declines contrast with the rally enjoyed by the GBP so far this week. Look for today’s RBA cash rate decision and commentary to play a major role around determining the outcome of direction in the AUD this week. Comments around the AUD currency strength will be particularly pivotal. Obviously the ongoing noise around the EU membership referendum will be an ongoing influence.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5316 0.5230 0.5410 0.5262 - 0.5407
GBP/AUD 1.8812 1.8484 1.9120 1.8495 - 1.9005

Friday 1st April 3:30pm(NZT)
The Australian dollar sits only marginally higher against the UK pound in trade this week. This comes after relatively quiet data calendars from both countries during the week. Both currencies have lifted against the USD over the week after the dovish Fed Chair comments on US rates, although last week’s highs set around .5375 (lows 1.8605) which forms first AUD resistance have not been under threat. This AUD continues to look solid for the time being. Next week should be much busier with Australian (Retail Sales and Building Approvals) and UK data (Construction PMI) due on Monday. The RBA cash rate decision is due on Tuesday, this will be followed by further UK PMI data later in the day.
The current interbank midrate is:    AUDGBP 0.5339    GBPAUD 1.8730

The interbank range this week has been:    AUDGBP 0.5262 - 0.5364    GBPAUD 1.8641 - 1.9005
Tuesday 29th March 2:30pm(NZT)
The Australian dollar has lifted slightly against the UK pound since our report a week ago, although it sits markedly off its highs in present trade. The rally seen early last week peaked around the .5375 level (lows 1.8605) after weaker than expected UK inflation numbers and the terrorist attacks in Brussels (which saw Brexit GBP selling increase). Better than expected UK retail sales data released towards the end of the week helped moderate the AUD gains however. This week is likely to be relatively quiet for the cross, although UK data on Thursday should be noted. We favour higher AUD levels over time.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5297 0.5230 0.5375 0.5265 - 0.5378
GBP/AUD 1.8879 1.8605 1.9120 1.8593 - 1.8993

Tuesday 22nd March 3:30pm(NZT)
The Australian dollar has lifted marginally from its lows against the UK pound which were seen after the BoE central bank meeting late last week. Commodity currencies and currencies with risk appeal were key beneficiaries after the US FOMC meeting earlier in the week which saw the AUD move to its highs. We favour further AUD appreciation over time although this week should be a quieter one for this cross. UK inflation and retail sales numbers are due for release and provide the UK focus. Last week’s highs above .5350 (lows 1.8690) are the target for a breach of very minor resistance around .5300 (1.8868 support).
  Current Level Support Resistance Last week's range
AUD/GBP 0.5269 0.5230 0.5300 0.5234 - 0.5359
GBP/AUD 1.8977 1.8868 1.9120 1.8658 - 1.9105

Friday 18th March 1:30pm(NZT)
The Australian dollar is trading marginally higher against the UK pound this week. Gains which were seen gradually over the course of the week accelerated yesterday after the more dovish than expected US FOMC statement led to large scale USD selling. The reduced path for likely US interest rates going forward has helped currencies with an exposure to risk appetite (like the AUD), whilst the lower USD has driven commodity prices higher. AUD highs above .5350 (1.8692) were seen prior to last night’s more hawkish than expected BoE meeting. The cross has moved lower after the BoE indicated the next move in rates was likely to be higher. Minor support is seen around .5230 (1.9120 resistance), resistance is pegged near the weekly highs.
The current interbank midrate is:    AUDGBP 0.5275    GBPAUD 1.8959

The interbank range this week has been:    AUDGBP 0.5217 - 0.5359    GBPAUD 1.8658 - 1.9170
Tuesday 15th March 1:30pm(NZT)
The Australian dollar is trading higher in current trade against the UK pound since our last report. Further gains were seen on Friday after the cross moved notably lower earlier in the day on the back of strong advance which was seen by the GBP post the ECB meeting press conference (strongly EUR+). Friday’s recovery in the AUD was once again predicated on stronger commodity prices. The gains have moderated in recent trade on the back of the broader ~0.6% decline in the CRB index seen overnight. It will be a busy week for the cross this week. Today’s RBA minutes is the first event of note, tomorrow will see the release of UK employment data before the release of the Australian equivalent on Thursday. The BoE interest rate meeting will feature very early on Friday (NZ time).
  Current Level Support Resistance Last week's range
AUD/GBP 0.5261 0.5100 0.5300 0.5198 - 0.5293
GBP/AUD 1.9009 1.8868 1.9608 1.8893 - 1.9238

Friday 11th March 1:30pm(NZT)
The Australian dollar sits near its opening levels of the week against the UK pound in current trade. This comes after the AUD/USD has failed to kick-on over the course of the week on the back of the commodity inspired momentum observed so far this month. The retracement seen in the cross over recent hours has come on the back of the advance seen in the GBP/USD exchange rate which has moved higher after the ECB meeting overnight. The data calendar is much busier next week for both countries. Support and resistance are placed at .5100 (1.9608) and .5300 (1.8868) respectively.
The current interbank midrate is:    AUDGBP 0.5219    GBPAUD 1.9160

The interbank range this week has been:    AUDGBP 0.5183 - 0.5293    GBPAUD 1.8893 - 1.9295
Friday 4th March 6:00pm(NZT)
The strong rally in the AUD/USD exchange rate this week has seen the Australian dollar firm over 2% from its lows against the U.K. pound during trade this week. The gains come on the back of the solid demand seen for commodity based currencies like the AUD. The move also received support from the better than expected Australian Q4 GDP data and a more positive overall risk environment. Support is seen at .5100 (1.9608 resistance), whilst beyond the weekly highs (~.5215, 1.9175) targets are .5265 (1.8993) and .5300 (1.8868) for the AUD up move. We favour buying dips (based on the more positive commodity price sentiment), although would prefer a decent dip before entering.
The current interbank midrate is:    AUDGBP 0.5189    GBPAUD 1.9271

The interbank range this week has been:    AUDGBP 0.5102 - 0.5220    GBPAUD 1.9157 - 1.9602
Tuesday 1st March 2:30pm(NZT)
The Australian dollar has drifted lower against the U.K. pound since our last report. This comes as the GBP/USD exchange rate has consolidated in recent trade after last week’s heavy Brexit inspired falls. Australian data this afternoon and the RBA cash rate announcement at 4.30 pm form the immediate threat to this cross. U.K. manufacturing and Australian GDP data will follow over the next 24 hrs. First support is seen at .5100 (1.9608 resistance) whilst last week’s highs around .5190 (1.9268) now form the first minor AUD resistance.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5125 0.5100 0.5190 0.5100 - 0.5191
GBP/AUD 1.9514 1.9268 1.9608 1.9264 - 1.9606

Friday 26th February 2:00pm(NZT)
The Australian dollar has continued to climb against the U.K. pound over the course of the week and sits on its highs in current trade. The support for the cross continues to come from the bearish sentiment shown towards the GBP over the fears of an exit from the E.U. Despite a much busier calendar next week which includes U.K. manufacturing data and Australian Q4 GDP and retail sales numbers, we again expect this issue to dominate moves in this cross. This has us favouring buying near first minor support at .5100 (resistance 1.9608). First minor resistance is seen around .5270 (support 1.8975).
The current interbank midrate is:    AUDGBP 0.5179    GBPAUD 1.9307

The interbank range this week has been:    AUDGBP 0.4956 - 0.5185    GBPAUD 1.9285 - 2.0178
Tuesday 23th February 4:00pm(NZT)
The Australian dollar has surged in trade against the U.K. pound so far this week. This comes after the GBP has suffered on the back of elevated concerns over a Brexit, which have increased after the UK-EU summit on the subject which concluded last week. A strong showing by the AUD/USD on the back of surging key commodity prices and improved risk sentiment has compounded the move. First resistance lies just above the overnight highs around the .5140 (1.9455 support) level. Momentum is higher for the AUD, although the strong move of recent days may mean levels to buy closer to .5050 (1.9802) are on offer in the event of a pullback.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5109 0.5035 0.5140 0.4932 - 0.5127
GBP/AUD 1.9573 1.9455 1.9861 1.9506 - 2.0276

Friday 19th February 2:00pm(NZT)
The Australian dollar has gained against the U.K. pound this week. This comes mainly on the back of the losses seen in the GBP/USD exchange rate, in part on the back of soft inflation data, but also on the back of continued fears over the potential for a Brexit. AUD resistance above this week’s highs lies around the .5035 (1.9861 support) level and is trending higher over time (up-trend peaks from Oct 2015). Risk sentiment towards the AUD and U.K. data starting with retail sales tonight are the immediate factors of influence for this cross.
The current interbank midrate is:    AUDGBP 0.4984    GBPAUD 2.0065

The interbank range this week has been:    AUDGBP 0.4877 - 0.5028    GBPAUD 1.9888 - 2.0503
Tuesday 16th February 2:00pm(NZT)
The Australian dollar has moved higher against the U.K. pound since our last report, a move which has been helped by the improving risk sentiment seen after Friday’s better than expected U.S. data-flow (AUD/USD+). The Australian dollar has had an additional lift from continued concerns over a Brexit and BoE member comments overnight. U.K. data tonight (inflation) and tomorrow (employment) should bear significantly on this cross (if significantly different from consensus). Australian employment numbers on Thursday should also be noted. We favour a continuation of the mover higher from the AUD, although the incoming data means levels nearer .4850 (2.0619) may be on offer should the data favour the GBP.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4950 0.4850 0.5000 0.4842 - 0.4955
GBP/AUD 2.0202 2.0000 2.0619 2.0183 - 2.0654

Friday 12th February 2:00pm(NZT)
Like many of the crosses covered it has been liquidity and flow considerations which have dictated moves in the Australian dollar against the U.K. pound this week. Large scale selling of USD positions has benefitted both the GBP and AUD during the week to a similar extent although key data events of note this week have been lacking.  Inflation data in the U.K. and employment data from both countries is set for release next week although it remains to be seen whether these can overwhelm the prevailing USD sentiment.
The current interbank midrate is:    AUDGBP 0.4910    GBPAUD 2.0367

The interbank range this week has been:    AUDGBP 0.4842 - 0.4953    GBPAUD 2.0189 - 2.0654
Tuesday 9th February 3:00pm(NZT)
The Australian dollar has fallen against the U.K. pound in recent trade, although sits well off its lows seen since our last report. The declines come on the back of heavy selling seen in the AUD/USD exchange rate, these declines have outweighed those of the GBP/USD- although have moderated somewhat in recent trade. ‘Risk’ concerns have hit the AUD more so than the GBP, this is typically the case during periods of heightened market turmoil such as those seen since Friday. We marginally favour lower levels in this environment although making calls in such flighty markets is extremely difficult.
  Current Level Support Resistance Last week's range
AUD/GBP .4898 .4850 .4950 .4864 - .4962
GBP/AUD 2.0417 2.0200 2.0620 2.0152 - 2.0558

Friday 5th February 2:00pm(NZT)
The Australian dollar has enjoyed a strong end to the week against the U.K. pound. This comes on the back of gains in the AUD which have outstripped those of the GBP. Both currencies have benefitted this week from a sharply weaker USD, although the AUD appears to have been the winner given the recent increase in commodity based short positions. The AUD sits off its highs however, even after last night’s BOE inflation report which saw a downgrade in inflation forecasts. Immediate focus for this cross will turn to Australian retail sales and the RBA statement on monetary policy at 11.30pm AEST today.
The current interbank midrate is:    AUDGBP 0.4938    GBPAUD 2.0251

The interbank range this week has been:    AUDGBP 0.4864 - 0.4999    GBPAUD 2.0002 - 2.0558
Tuesday 2nd February 2:00pm(NZT)
The Australian dollar has eased against the U.K. pound in recent trade and comes on the back of better than expected U.K. manufacturing PMI data overnight. Whilst the AUD/USD exchange rate has also improved in recent trade, the move has been understandably more circumspect ahead of this afternoon’s RBA monetary policy meeting announcement. Australian retail sales, the RBA statement on monetary policy and the BOE meeting all due for release on Friday should make for an interesting finish to the week for this cross. We moderately favour buying AUD dips presently.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4920 0.4860 0.5000 0.4871 - 0.4999
GBP/AUD 2.0325 2.0000 2.0576 2.0002 - 2.0529

Friday 29th January 1:30pm(NZT)
The Australian dollar sits moderately higher against the U.K. pound this week after the gains in the AUD/USD exchange rate outpaced those of the GBP/USD. More positive sentiment towards risk and commodity currencies have helped lift the cross although these gains have moderated from the highs in more recent trade. Events of note for next week are the RBA meeting on Tuesday, Australian retail sales and the BOE central bank meeting on Friday will also influence.
The current interbank midrate is:    AUDGBP 0.4935    GBPAUD 2.0263

The interbank range this week has been:    AUDGBP 0.4871 - 0.4964    GBPAUD 2.0144 - 2.0529
Tuesday 26th January 4:00pm(NZT)
The Australian dollar has fallen from its highs against the U.K. pound seen last week. Risk sentiment and commodity pricing has once again (via the AUD/USD exchange rate declines) been the primary driver of the changes in pricing for this pair. Australian inflation numbers tomorrow and U.K. GDP data on Thursday add to the picture this week. Whilst favouring selling rallies in this environment given the significant recent volatility observed we prefer to wait for levels close to resistance and last week’s highs for entry.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4885 0.4780 0.4960 0.4803 - 0.4945
GBP/AUD 2.0471 2.0161 2.0920 2.0224 - 2.0819

Friday 22nd January 2:30pm(NZT)
The Australian dollar has had a solid week against the U.K. pound this week despite the extremely poor sentiment shown early in the week towards commodity currencies. The slightly better than expected U.K. labour market and inflation data was overlooked by the market in favour of the dovish commentary provided by the BOE Governor Mark Carney. Improving risk sentiment overnight sees the AUD presently trading near its weekly highs. Solid downside support is seen at .4780 (2.0920 resistance) while the target for continued AUD strength would be this month’s NY highs near .4960 (low 2.0161). U.K. GDP data and Australian inflation data feature next week on the release calendar.
The current interbank midrate is:    AUDGBP 0.4930    GBPAUD 2.0284

The interbank range this week has been:    AUDGBP 0.4784 - 0.4934    GBPAUD 2.0267 - 2.0904
Tuesday 19th January 2:00pm(NZT)
It has been a choppy week of trading for this pairing with both the Australian dollar and the UK Pound seeing periods of pressure. There is good AUD support on the downside around 0.4780 (resistance 2.0920), while initial topside resistance comes in around 0.4880 (support 2.0492). The outlook for China, and commodity prices in general, will continue to be a major factor for the Australian dollar and of particular interest will be this afternoon release of Chinese GDP for the fourth quarter. Over the coming days from Australia we also have consumer sentiment and inflation expectations data to digest. While from the UK attention will turn to the key releases of inflation, employment and retail sales.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4820 0.4780 0.4880 0.4781 - 0.4880
GBP/AUD 2.0747 2.0492 2.0921 2.0490 - 2.0915

Friday 15th January 2:00pm(NZT)
The Australian dollar has gained against the U.K. pound in trade this week helped by a weak performance from the GBP and a solid bounce in the AUD/USD exchange rate in overnight trade. Risk appetite and commodity pricing will continue to have a heavy influence on this cross next week, although the key U.K. inflation and employment data releases will also be important. Support is eyed around the .4750 (resistance 2.1053) level, first resistance is seen around .4880 (support 2.0492) and .4900 (2.0408). We lack directional bias for the time being.
The current interbank midrate is:    AUDGBP 0.4850    GBPAUD 2.0619

The interbank range this week has been:    AUDGBP 0.4767 - 0.4880    GBPAUD 2.0490 - 2.0978
Tuesday 12th January 2:00pm(NZT)
The Australian dollar sits well below its highs set against the U.K. pound over the holiday period (~.4955, 2.0182). This comes against the back-drop of the sharp falls seen in the AUD/USD exchange rate last week as ‘risk-off’ flows and commodity price declines weighed after significant falls were seen in Chinese and global equities. These themes should continue to heavily influence pricing on this cross this week. Australian employment data on Thursday and the BOE meeting on Friday morning should also be noted. We marginally favour selling AUD near .4850 (2.0619) while risk sentiment is poor.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4802 0.4750 0.4850 0.4767 - 0.4903
GBP/AUD 2.0825 1.5361 1.5848 2.0395 - 2.0978

Tuesday 22nd December 2:00pm(NZT)
The Australian dollar remains near its recent highs (.4830,  low 2.0704) against the U.K. pound in current trade. Trade over the holiday period will likely be dictated by thinning market liquidity and the prevailing commodity/risk sentiment. U.K. GDP and current account data is set for release tomorrow. Resistance beyond the recent highs lies around .4915 (2.0346 support), support is seen around .4710 (2.1231 resistance).
  Current Level Support Resistance Last week's range
AUD/GBP .4831 .4710 .4915 .4753 - .4837
GBP/AUD 2.0699 2.0350 2.1230 2.0674- - 2.1040

Friday 18th December 2:30pm(NZT)
The Australian dollar has fallen from highs near the .4830 (2.0704) level this week against the U.K. pound. Much of the move has occurred overnight on the back of the heavy selling seen in commodity currencies. This sentiment and a firm round of data out of the U.K. this week have us favouring a further slide towards support at .4710 (2.1231 resistance). U.K. GDP on Wednesday next week is of note but will take a back-seat to the dominant commodity and risk sentiment based themes.
The current interbank midrate is:    AUDGBP 0.4774    GBPAUD 2.0945

The interbank range this week has been:    AUDGBP 0.4713 - 0.4829    GBPAUD 2.0710 - 2.1217
Tuesday 15th December 2:00pm(NZT)
The Australian dollar recovered well from its lows set against the U.K pound near .4710 (high 2.1231) yesterday. Declines in the AUD/USD on the back of further commodity declines and ‘risk-off’ selling led to the test of the lows. Gains overnight have come on the back of bearish BOE member comments and a reprieve for the commodity currencies (esp. the AUD and NZD). Resistance beyond the .4800 highs (support 2.0833) comes in around .4830 (2.0704 support). U.K. inflation and employment data and further commodity price volatility are the key tests for the cross this week.
  Current Level Support Resistance Last week's range
AUD/GBP .4781 .4710 .4830 .4713 - .4831
GBP/AUD 2.0916 2.0705 2.1230 2.0700 - 2.1217

Friday 11th December 2:30pm(NZT)
The Australian dollar reversed its early week losses seen against the U.K. pound yesterday. This came after the release of much better than expected Australian employment data. First resistance now comes in around yesterday’s highs at .4830, (support 2.0704), while support lies around the week’s lows at .4740 (resistance 2.1097). Tests for the cross next week will mainly come out of the U.K. with both inflation and employment data due. Commodity price movements will continue to be integral, the RBA minutes on Tuesday should also be noted.
The current interbank midrate is:    AUDGBP 0.4792    GBPAUD 2.0868

The interbank range this week has been:    AUDGBP 0.4744 - 0.4875    GBPAUD 2.0512 - 2.1078
Tuesday 8th December 2:30pm(NZT)
The Australian dollar has continued to ease against the U.K. pound since our last report. The falls come from the weakness seen in the AUD on the back of the continued declines seen in key commodity pricing and commodity linked currencies. Initial support for this cross lies in the .4785-.4805 (resistance 2.0899-2.0812) region, whilst first resistance now forms around .4875 (support 2.0513). Direction for the cross this week will continue to derive from commodity price movements. Also in the mix are Thursday’s release of the Australian employment data and the BOE monetary policy meeting.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4825 0.4785 0.4875 0.4801 - 0.4914
GBP/AUD 2.0725 2.0513 2.0899 2.0349 - 2.0829

Friday 4th December 2:00pm(NZT)
The Australian dollar has eased significantly from its weekly highs against the U.K. pound overnight. This came after the better than expected U.K. services PMI data, and more importantly, the sharp rally in the EUR (post the ECB). Highs above .4910 (lows 2.0367) traded earlier in the week after the firm Australian Q3 GDP data, whilst the GBP was weighted by the heavy selling seen in the EUR in the lead up to last night’s ECB announcement. The retracement from the AUD highs and strong recent gains, has us favouring a further retracement in this pairing towards first  AUD support in the .4785-.4805 (2.0899-2.0812) region. Key to direction next week will be the Australian employment data on Thursday and BOE interest rate decision on Friday morning.
The current interbank midrate is:    AUDGBP 0.4845    GBPAUD 2.0640

The interbank range this week has been:    AUDGBP 0.4771 - 0.4914    GBPAUD 2.0349 - 2.0959
Tuesday 1st December 4:00pm(NZT)
The Australian dollar remains firm against the U.K. pound this week despite soft Australian CAPEX data released last Thursday and continued weak key commodity prices. Key to near-term direction will be they accompanying commentary to today’s RBA cash rate decision and the Australian data calendar which includes the key Q3 GDP release tomorrow. Thursday’s Australian trade data and ECB meeting along with Friday’s Australian retail sales and U.S. employment report will all be important contributors to volatility.  The cross may push higher should the GBP follow the Euro lower on a larger than expected stimulus package from the ECB, especially if the markets see such an announcement as risk-supportive.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4807 0.4730 0.4820 0.4751 - 0.4822
GBP/AUD 2.0803 2.0747 2.1142 2.0739 - 2.1049

Friday 27th November 2:30pm(NZT)
The Australian dollar has firmed against the U.K. pound this week, although it sits well off its highs seen around the .4820 level (high 2.0747). Weaker than expected Australian Q3 CAPEX data (-9.2%) released yesterday is partly to blame, although declines were well underway prior to the release. First support should now be seen around .4730 (2.1142), followed by .4620 (2.1645). We lack any bias for now, direction in coming days will be heavily influenced by incoming data starting with tonight’s U.K. GDP release, the RBA cash rate decision (Tuesday) and Australian GDP on Wednesday will be also be important contributors.
The current interbank midrate is:    AUDGBP 0.4782    GBPAUD 2.0912

The interbank range this week has been:    AUDGBP 0.4703 - 0.4822    GBPAUD 2.0739 - 2.1263
Tuesday 24th November 3:00pm(NZT)
The Australian dollar had a solid end to the week last week against the U.K. pound This came as the AUD/USD exchange rate out-performed after the USD saw some profit taking on long positions post the FOMC minutes. A weaker than expected U.K. retail sales release on Thursday was also to a lesser extent partly to blame. This cross looks likely to trade higher over coming days targeting .4800 again. Australian private capital expenditure data on Thursday will be of interest this week, other focus will be commodity prices (AUD), U.K. GDP data (Friday) and BOE Governor Carney’s inflation report testimony.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4755 0.4620 0.4810 0.4649 - 0.4768
GBP/AUD 2.1030 2.0790 2.1645 2.0973 - 2.1512

Thursday 19th November 1:00pm(NZT)
The Australian dollar has lost a little ground to the UK Pound over the past week, although overall direction is broadly lacking. The pair has been trading round the 0.4670 (2.1415) level for much of November and nothing this week has suggested a change to that. Further declines in commodity prices should keep the AUD topside somewhat subdued, but there is currently strong support on the downside around 0.4620 (resistance 2.1645). The market will need to break through that level to signal a period of renewed AUD weakness.
The current interbank midrate is:    AUDGBP 0.4665    GBPAUD 2.1436

The interbank range this week has been:    AUDGBP 0.4641 - 0.4705    GBPAUD 2.1252 - 2.1547
Tuesday 17th November 3:00pm(NZT)
The Australian dollar has been well contained against the U.K. pound since our last report after a lack of key data out of both countries. Tonight’s U.K. inflation data and Thursday’s U.K. retail sales report should help drive this cross. Market risk appetite should also be watched given the heightened geopolitical concerns currently at play. We lack any bias on this cross during the week and expect it to remain within recent ranges, although the current momentum points to marginally lower AUD levels ahead.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4673 0.4630 0.4740 0.4636 - 0.4705
GBP/AUD 2.1400 2.1097 2.1598 2.1252 - 2.1572

Friday 13th November 2:00pm(NZT)
The Australian dollar sits near its opening levels against the U.K. pound this week despite a strong Australian employment report yesterday. The GBP also benefitted from a solid U.K. employment report a day earlier and so far gains in the AUD/GBP have been capped by .4705 (2.1254). Support is seen at .4630 (resistance 2.1598) with resistance seen around .4740 (support 2.1097). We lack any real bias for this cross and expect it to be contained within that range until our next report.
The current interbank midrate is:    AUDGBP 0.4683    GBPAUD 2.1354

The interbank range this week has been:    AUDGBP 0.4636 - 0.4730    GBPAUD 2.1143 - 2.1572
Tuesday 10th November 1:30pm(NZT)
The Australian dollar has relinquished much of its gains seen against the U.K. pound last week. These gains occurred after the RBA failed to cut interest rates and the BOE was seen issuing a more dovish than expected monetary policy statement (which saw it downgrade its inflation expectations). Employment data from both countries this week will be pivotal for the next move in this cross, especially if the AUD is to arrest the downside momentum that has been seen after the U.S. employment report. Key commodity price movements will therefore continue to important also for the AUD.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4663 0.4630 0.4740 0.4632 - 0.4730
GBP/AUD 2.1445 2.1097 2.1598 2.1143 - 2.1590

Friday 6th November 1:00pm(NZT)
The lack of interest rate cut by the RBA at its monetary policy meeting saw the AUD gain some reprieve this week. First key selling interest should now lie around the weekly highs ~.7225 and then .7250. Support is seen in the .7050/60 zone. The rally this week was capped by a declining trend-line from the October highs (~.7383), which whilst holding should favour additional downside pressure. Immediate direction will come from today’s RBA minutes and later release of the U.S. Non-farm payrolls employment report. Next Thursday’s Australian October employment release will also be a key driver.
The current interbank midrate is:    AUDGBP 0.4700    GBPAUD 2.1277

The interbank range this week has been:    AUDGBP 0.4599 - 0.4705    GBPAUD 2.1256 - 2.1743
Tuesday 3rd November 5:30pm(NZT)
The Australian dollar has lost ground against the U.K. pound over the last week after the soft Australian inflation report and more hawkish than expected U.S. Fed talk. The RBA cash rate announcement (today) and BoE statement on Friday (likely to a lesser extent) will be important for the next move. Solid resistance is much higher near .4740 (support 2.1097) should the data flow and RBA favour the AUD, whilst a break of .4600 (2.1739) should likely see the recent AUD down-leg continue. Australian retail sales tomorrow (to a lesser extent) and the RBA monetary policy statement on Friday will also be drivers.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4640 0.4600 0.4670 0.4599 - 0.4731
GBP/AUD 2.1552 2.1413 2.1739 2.1135 - 2.1743

Friday 30th October 2:30pm(NZT)
The Australian dollar continues to lose ground against the UK pound this week. The highs of .4738 (2.1106) now look distant after the release of a weaker than expected Australian Q3 inflation report and a more hawkish than expected FOMC statement hit the higher yielding AUD. Next week’s trade will be dominated by the respective monetary policy meetings out of the the U.K. (Friday morning) and Australia (Tuesday), Wednesday’s Australian retail sales report will also likely have some impact. Initial selling should be observed around .4670 (support 2.1413) with demand likely to be seen in the .4550/70 (resistance 2.1880/2.1980) area
The current interbank midrate is:    AUDGBP 0.4633    GBPAUD 2.1584

The interbank range this week has been:    AUDGBP 0.4616 - 0.4740    GBPAUD 2.1099 - 2.1662
Tuesday 27th October 4:00pm(NZT)
The Australian dollar lost ground to the UK Pound throughout much of last week, but the pair staged something of a turn around on Friday. The cross bounced from a low of 0.4656 (sold from high 2.1478), eventually trading to a high of 0.4738 yesterday (low 2.1106). There are many in the market who now expect the RBA to cut interest rates next week in order to offset the recent mortgage increases by the major Australian banks. This is not a forgone conclusion however, and as such the AUD may trade in a choppy range ahead of that meeting. Downside support around 0.4650 (resistance 2.1505) should contain any near term weakness with resistance seen near the recent highs just above 0.4800 (support 2.0835). Australian inflation data tomorrow will draw focus as will tonight’s UK GDP figures.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4725 0.4650 0.4800 0.4656 - 0.4740
GBP/AUD 2.1165 2.0833 2.1505 2.1099 - 2.1480

Friday 23rd October 1:30pm(NZT)
The Australian dollar has maintained its decline against the pound this week trading to lows near .4655 (highs 2.1482). Volatility in equity markets towards the middle of the week affected the risk appetite for the AUD whose appeal also suffered on the back of increasing calls for a November RBA rate cut. We see resistance near .4720 (support 2.1186) attracting selling interest on the current uptick although Tuesdays data calendar should be influential (U.K., GDP, Australia, Inflation).
The current interbank midrate is:    AUDGBP 0.4690    GBPAUD 2.1322

The interbank range this week has been:    AUDGBP 0.4656 - 0.4740    GBPAUD 2.1096 - 2.1480
Tuesday 20th October 1:25pm(NZT)
The Australian dollar has continued to ease from its highs (~.4810, lows 2.0790) set against the pound early last week. A combination of an increase in the calls for an RBA rate cut and solid U.K. employment data vs. the softer than expected Australian September employment data released later last week have been the primary contributors. First minor support is around .4680 (resistance 2.1367) and then .4645 (2.1529). We see the current slide against the pound as being likely to continue for the time being.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4686 0.4645 0.4810 0.4684 - 0.4800
GBP/AUD 2.1340 2.0790 2.1529 2.0835 - 2.1349

Friday 16th October 3:00pm(NZT)
The Australian dollar was unable to extend gains against the pound this week peaking around .4810 (2.0790) at the start of the week. This came as the release of soft Chinese trade and consumer price data negatively impacted the AUD. Employment data released from both the U.K. and Australia favoured the pound as it showed U.K. unemployment reaching ~7 year lows. This contrasted Australia’s data which failed to meet expectations of +5k for September. First AUD support is pegged around .4695 (2.1300). Next week’s RBA minutes on Tuesday should be watched for fresh direction, although risk sentiment and commodity prices will continue to be a key driver for the pair.
The current interbank midrate is:    AUDGBP .4721    GBPAUD 2.1182            

The interbank range this week has been:    AUDGBP .4694 - .4809   GBPAUD 2.0793 - 2.1303 
Tuesday 13th October 2:00pm(NZT)
The Australian dollar continued its move higher against the pound as the tailwind of firming commodity prices and improving risk sentiment drove the AUDUSD higher. Cautionary comments from the BoE and a paring back in rate hike expectations by the BoE in 2016 have seen the GBPUSD post more moderate gains against the easing USD back-drop. Employment data in both Australia and the U.K. along with commodity price/risk sentiment movements will help drive this cross during the week. Current momentum indicates a reasonable likelihood of further AUD gains towards resistance near .4840/45 (support ~2.0650).
  Current Level Support Resistance Last week's range
AUD/GBP 0.4795 0.4720 0.4840 0.4668 - 0.4809
GBP/AUD 2.0855 2.0650 2.1186 2.0793 - 2.1423

Friday 9th October 3:00pm(NZT)
The Australian dollar has posted decent gains against the pound this week to highs near .4735 (2.1119) as the impact of firming key commodity prices and improving risk sentiment drive the Aussie into recovery mode. The RBA failed to satiate those looking for signals of more imminent rate cuts beyond the current 2.0% during the week whereas in contrast the latest BoE minutes cited more cautionary notes over inflation and emerging market growth. A break of the .4735/40 area should open resistance higher near .4790 (2.0877). Employment data in both Australia and the U.K. along with key commodity price/risk sentiment movements will help drive this cross next week.
The current interbank midrate is:    AUDGBP 0.4735    GBPAUD 2.1120

The interbank range this week has been:    AUDGBP 0.4604 - 0.4735    GBPAUD 2.1120 - 2.1719
Tuesday 6th October 2:00pm(NZT)
The Australian dollar has had a positive week against the UK Pound with gains to 0.4685 (down to 2.1345) in the past 12 hours. This is a critical area for the pair and if it can hold above 0.4670 (below 2.1413) a move higher toward 0.4800 (lower toward 2.0833) may well develop. The UK pound has been hurt by soft service sector PMI data which has served to undo the positive impact of last week's construction PMI. The immediate attention however is now on this afternoon’s Reserve Bank of Australia rate statement. The AUD will see increased support if the central bank continues to maintain its very neutral stance. Any signal of a move toward an easing bias will weigh on the currency however. From the UK this week we have a number of releases to draw focus including manufacturing and industrial production data along with the Bank of England interest rate meeting.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4675 0.4600 0.4800 0.4574 - 0.4685
GBP/AUD 2.1390 2.0833 2.1739 2.1344 - 2.1862

Friday 2nd October 2:00pm(NZT)
The Australian dollar has had a good week against the UK Pound with gains to 0.4677 (2.1380) seen last night. A small improvement in Chinese manufacturing data yesterday helped to support the AUD and underwrite the move to last night’s high, but much of the crosses gains this week have come on the back of GBP weakness. It’s hard to point a finger at exactly what has driven the Pounds underperformance recently. Certainly data this week, while a little mixed, wasn’t all bad. If the AUD can sustain a break above resistance around 0.4770 (support 2.0965), then a broader correction higher toward 0.4800 (2.0830) could well develop. We have Australian retail sales data out in the coming hours and that may well dictate near term direction. Next week from Australia we have the RBA rate statement to digest on Tuesday afternoon. While from the UK we have manufacturing and industrial production data, the NIESR’s GDP estimate, and the Bank of England interest rate meeting.
The current interbank midrate is:    AUDGBP 0.4647    GBPAUD 2.1519

The interbank range this week has been:    AUDGBP 0.4574 - 0.4677    GBPAUD 2.1379 - 2.1862
Tuesday 29th Sept 3:00pm(NZT)
The past week has seen some choppy price action in this pairing, but trade has been largely contained within recent ranges. There is AUD downside support around 0.4520 (resistance 2.2125) while on the topside resistance comes in around 0.4660 (support 2.1460). Expect price action over the coming week to continue to be contained by those two parameters. From Australia this week we have building approvals along with retail sales data to digest, but the market will also be paying close attention to Chinese PMI data set for release on Thursday. Another soft result here will see the AUD downside tested. Meanwhile from the UK we have current account, consumer confidence, GDP, manufacturing PMI and construction PMI data along with a speech from BOE Governor Carney to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4595 0.4520 0.4660 0.4544 - 0.4639
GBP/AUD 2.1763 2.1459 2.2124 2.1557 - 2.2006

Friday 25th September 2:30pm(NZT)
Both the Australian dollar the UK Pound have seen pressure this week and as such the cross rate has had little overall direction. A brief dip toward 0.4540 (up to 2.2026) last night was short lived and the cross in now close to where it ended last week. Resistance around 0.4660 (support 2.1460) should continue to provide a tough AUD topside barrier and those looking to purchase GBP should take advantage of any strength seen toward that level. On the downside support comes in around 0.4520 (resistance 2.2125) and those two levels are likely to define trade over the coming week. Next week from Australia we have building approvals and retail sales data to draw focus. While from the UK we have data on net lending to individuals, the current account, the final reading of GDP, manufacturing and construction PMI’s.
The current interbank midrate is:    AUDGBP 0.4604    GBPAUD 2.1720

The interbank range this week has been:    AUDGBP 0.4544 - 0.4654    GBPAUD 2.1486 - 2.2006
Tuesday 22nd Sept 2:30pm(NZT)
The past week has seen some choppy price action in this pairing, but little overall direction. Minor AUD support around 0.4590 (resistance 2.1785)  has contained the AUD downside and this keeps the hopes of renewed gains alive for the time being. A break through 0.4590 (2.1785) however, would turn the near term picture negative and the cross would then target 0.4560 (2.1930) ahead of 0.4525 (2.1000). If we do see some strength there is initial resistance around 0.4650 (2.1505). The economic calendar is pretty light from both countries this week with UK public sector net borrowing and the Australian house price index the main highlights.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4599 0.4400 0.4600 0.4593 - 0.4681
GBP/AUD 2.1744 2.1739 2.2727 2.1361 - 2.1770

Friday 18th September 2:50pm(NZT)
The Australian dollar has made gains against the UK Pound this week and even saw a brief flurry up through resistance around 0.4660 (2.1460) on Wednesday afternoon. Since then the pair has pulled back somewhat largely on the back of GBP strength in the wake of better than forecast UK wage data. As long as the AUD downside is contained by 0.4590 (2.1786), I believe the risks are skewed to another test to take the AUD higher. We saw some choppy price action in the immediate aftermath of this morning’s Fed statement and this has only confirmed that the path of least resistance in the near term is likely to the AUD topside. Next week from Australia we have the house price index and the RBA’s financial stability review to digest. While from the UK we get we only have public sector net borrowing of any note.
The current interbank midrate is:    AUDGBP 0.4615    GBPAUD 2.1668

The interbank range this week has been:    AUDGBP 0.4560 - 0.4681    GBPAUD 2.1361 - 2.1931
Tuesday 15th Sept 1:30pm(NZT)
The Australian dollar has had a solid week against the UK pound and is currently testing resistance toward 0.4650 (support 2.1500). Better than forecast employment data has helped to underwrite the gains, as has a broad improvement in iron ore prices. I suspect we may see these gains run out of steam soon, and then some consolidation is likely ahead of the one event everybody is waiting for this week, the US Fed meeting. This afternoons RBA minutes shouldn’t provide any real surprises and if 0.4650 (2.1500) caps the AUD topside a drift back toward 0.4600 (2.1740) is likely. From the UK this week we have inflation, wage and retail sales data to digest which could all easily influence.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4639 0.4450 0.4650 0.4523 - 0.4645
GBP/AUD 2.1556 2.1505 2.2472 2.1528 - 2.2107

Friday 11th September 2:30pm(NZT)
The Australian dollar has been the standout performer in the past 24 hours and against the UK Pound this has seen the pair briefly trade back above 0.4600 (under 2.1739). Price action in the AUD has been very positive this week and the gains seen in the wake of yesterday’s better than forecast employment data suggest we could see more topside action. Key topside resistance comes in around 0.4630 (support 2.1598) and any move above there will open the way for a much broader correction for the AUD higher, targeting 0.4800 (2.0833) initially. The Bank of England’s interest rate meeting last night didn’t produce and real fireworks with the central bank still largely confidence about their economic prospects going forward. At this stage an interest rate hike is likely to come from the BOE sometime late in the first half of 2016. Look for 0.4500 and 0.4630 (2.2222 and 2.1598) to provide the initial support and resistance levels over the coming days, with the focus on a test of the top AUD end of that range. Next week we have the RBA minutes set for release along with a speech from Governor Stevens to digest. While from the UK we have inflation, employment and retail sales figure set for release.
The current interbank midrate is:    AUDGBP 0.4580    GBPAUD 2.1834

The interbank range this week has been:    AUDGBP 0.4523 - 0.4610    GBPAUD 2.1692 - 2.2107
Tuesday 8st Sept 4:30pm(NZT)
The Australian dollar has underperformed the UK Pound this week, with move as low as 0.4529 (high 2.2080) in the past 12 hours. The latest leg lower was driven by strength in the GBP which is something of a turnaround as it too has seen selling pressure for much of the past week or so. There was nothing in particular you could point the finger at as a driver of GBP strength in the early stage of this week, but it has certainly served to reinforce the broader trend recent trend for this pair. Initial topside resistance now comes in around 0.4600 (support 2.1740) and it would take a move through that level to suggest the immediate Australian dollar downside pressure has abated.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4547 0.4400 0.4600 0.4529 - 0.4642
GBP/AUD 2.1993 2.1739 2.2727 2.1541 - 2.2080

Friday 4th September 1:00pm(NZT)
The Australian dollar has seen pressure this week thanks to some very disappointing economic data. Losses against the UK Pound have been tempered somewhat by the fact the GBP has also seen pressure thanks to some weaker than forecast UK economic releases. For the time being at least, minor support around 0.4575 (resistance 2.1860) has contained the AUD downside, but any break below there will open the way for a test toward recent AUD cycle lows under 0.4500(above 2.2220). The broader picture suggests the AUD remains firmly entrenched in a downtrend against the UK Pound with key topside resistance now seen around 0.4660(support 2.1460). It would take a break through that level to bring the downtrend into question. Next week from Australia we have business confidence, consumer sentiment, inflation expectations and employment data to digest. While from the UK, we have the Bank of England interest rate meeting next week to draw focus.
The current interbank midrate is:    AUDGBP 0.4593    GBPAUD 2.1772

The interbank range this week has been:    AUDGBP 0.4565 - 0.4673    GBPAUD 2.1400- 2.1905
Tuesday 1st Sept 4:30pm(NZT)
The Australian dollar managed a good recovery against the UK Pound in the wake of last Monday night’s wild volatility, briefly trading above 0.4650 late in the week. Its failure to hold above that level however, which marks the first line of resistance, suggests the risks remain skewed to the AUD downside. The immediate focus now turns to this afternoon’s Reserve Bank of Australia interest rate meeting. The market will be keen to see how their rhetoric on China has developed. A significant downgrade in their assessment of China, and global growth, would help solidify growing market expectation of another rate cut by the RBA over the coming months. This could easily push the AUDGBP cross back down toward 0.4550. Also from Australia this week we have GDP, retail sales and the trade balance set for release. While from the UK we have PMI’s from the manufacturing, construction and service sectors to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4625 0.4450 0.4650 0.4523 - 0.4673
GBP/AUD 2.1622 2.1505 2.2472 2.1400- 2.2108

Friday 28th August 3:00pm(NZT)
Dramatic falls in the early stages of this week have given way to a significant recovery in this pair over recent days. In fact the cross is not far from where it stated the week. The early pressure came on the back of risk aversion as Chinese stocks saw sharp losses triggering a ripple effect on global bourses. This saw the pair briefly trade down around 0.4500(2.2222), but as the markets have calmed the AUD has staged a solid bounce. Direction from here is a very tough call and we may have to wait to see how data next week pans out to get a better picture of direction. To that end from Australia next week we have building approvals, the RBA rate meeting, GDP, retail sales and the trade balance all set for release. While from the UK we get the trifecta of PMI’s from the manufacturing, construction and services sectors to digest along with data on net lending to individuals.
The current interbank midrate is:    AUDGBP 0.4667    GBPAUD 2.1427

The interbank range this week has been:    AUDGBP 0.4499 - 0.4691    GBPAUD 2.1319- 2.2227
Tuesday 25th Aug 7:30pm(NZT)
Price action in recent days has all been about wider market risk aversion. Another big fall in Chinese stocks rippled through global markets yesterday causing momentary panic in early US trading. With the Dow Jones opening up down 1000 points currency markets went into a tailspin. Liquidity completely dried up and for a moment it looked like the AUD would collapse, but the currency quickly regained composure and against the GBP it ended up trading down below 0.4550 (above 2.1980). The risks remain skewed to the Australian dollar downside as this period of heightened volatility is far from over. We can expect bigger ranges and much thinner liquidity over the coming week as nervousness dominates the market psyche.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4555 0.4500 0.4700 0.4499 - 0.4729
GBP/AUD 2.1954 2.1277 2.2222 2.1146- 2.2227

Thursday 20th Aug 1:30pm (NZT)
The Australian dollar has lost a little ground to the UK Pound this week, but the move hasn’t been powerful enough to test recent AUD cycle lows around 0.4640 (highs 2.1552), at least yet. The move was triggered by a stronger than forecast outcome from UK inflation data, although ‘strong’ would be the wrong word to describe the overall level of UK price increases. At just +0.1% year on year it’s hardly going to force the Bank of England’s hand into hiking interest rates anytime soon. That being said the GBP did see gains on the back of the release and that pushed the pair down toward 0.4670 (up to 2.1413). A tight range has developed since then above that level. Look for further sideways ranging as the longer term Australian dollar downtrend seems to have entered a consolidation phase for now.  The 0.4640 to 0.4800 (2.0833 - 2.1552) range should contain price action over the coming week.
The current interbank midrate is:    AUDGBP 0.4690    GBPAUD 2.1322

The interbank range this week has been:    AUDGBP 0.4669 - 0.4741    GBPAUD 2.1095- 2.1420
Tuesday 18th Aug 1:30pm(NZT)
Aside from a dip toward recent lows in the middle of last week, trading in this pairing has been relatively quiet. The test toward recent lows around 0.4650 (highs around 2.1505) came in the wake of the Chinese Yuan devaluation announcement, but the cross quickly recovered and since then a tight range around 0.4720 (2.1186) has developed. The markets immediate focus is now on the Reserve Bank of Australia’s minutes set for release in the coming hours. These should confirm the bank remains very much in the neutral camp. From the UK tonight we have inflation data to digest, with another flat reading forecast, then later in the week UK retail sales will draw focus. Look for further ranging between 0.4650 and 0.4800 (2.1505 to 2.0833) over the coming week. With the longer term AUD downward trend looking like it’s entered a period of consolidation, we could easily see a move toward the upper AUD side of that recent range.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4730 0.4650 0.4800 0.4651 - 0.4768
GBP/AUD 2.1142 2.0833 2.1505 2.0972- 2.1499

Friday 14th Aug 1:00pm(NZT)
We have seen some good swings recently in this pairing and the past week has only added to those. Support around the recent cycle lows at 0.4650 (2.1505 resistance) was tested on Tuesday in the wake of the surprise Chinese Yuan devaluation announcement, but the pair quickly recovered. The bounce then extended after somewhat disappointing UK employment and wage data. Indicators are suggesting a definite lack of downside momentum at the moment and as such I expect support around 0.4650 (2.1505 resistance) to continue to limit any periods of AUD weakness. Further range trading between that level and 0.4800 (2.0833) on the AUD topside looks likely in the near term. From Australia next week the focus will be on the RBA’s minutes set for release on Tuesday. While from the UK we have inflation data and retail sales numbers to digest.
The current interbank midrate is:    AUDGBP 0.4720    GBPAUD 2.1186

The interbank range this week has been:    AUDGBP 0.4651 - 0.4790    GBPAUD 2.0876- 2.1499
Tuesday 11th Aug 2:30pm(NZT)
The Australian dollar is in the throes of a significant corrective bounce against the UK Pound. The move started last Tuesday with Australian dollar strength in the wake of the RBA’s rate statement, then was driven higher by UK Pound weakness after the Bank of England’s releases on Thursday. Minor support now comes in around 0.4720 (resistance 2.1186) and as long as the pair holds above there another AUD leg higher could easily unfold. We do have Australian data in the form of business confidence, consumer sentiment and the wage price index to digest in the coming days and these could well dictate near term direction. In the UK this week the focus will be on Wednesday’s employment numbers. Commodity prices have staged a small recovery so in the early stages of this week and if that continues then we could see further AUD upside.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4764 0.4720 0.4850 0.4662 - 0.4790
GBP/AUD 2.0991 2.0619 2.1186 2.0876- 2.1451

Friday 7th August 11:40am (NZT)
There has been some good moves within a relatively contained range for this pair this week. The positive Australian economic news through the middle of the week saw the AUD bounce nicely from the initial support at .4650 (resistance 2.1500). However, the momentum could not be maintained and the GBP ground back through the middle of the week ahead of the deluge of “Super Thursday” BOE releases in the UK. The “less Hawkish” sentiment from these releases once again saw the AUD outperform, albeit well within the weeks previous high. Expect the current ranges to continue in the short term with the extremes offering relatively good value. Next week sees consumer sentiment and wage price data provide the Australian focus, with unemployment claims and average earnings data in the UK peaking interest on Wednesday.
The current interbank midrate is:    AUDGBP 0.4735    GBPAUD 2.1119

The interbank range this week has been:    AUDGBP 0.4646 - 0.4758    GBPAUD 2.117- 2.1525
Tuesday 4th Aug 1:30pm(NZT)
The past week has seen largely sideways trade with a very slight downside bias. A couple of tests below 0.4650 (above 2.1505) have both been short lived, while on the topside levels above 0.4700 (below 2.1277) have also been unsustainable. The broader trend is to the Australian dollar downside and there is nothing to indicate a change in at this stage. Key downtrend resistance now comes in around 0.4720 (uptrend support 2.1186) and it will take a break through there to relieve immediate AUD downside pressure. There are plenty of key data releases this week that could influence and I would be surprised if the pair hasn’t had a significant move by the end of the week. In the coming hours we have Australian retail sales and the RBA rate statement. Later in the week employment change and the RBA monetary policy statement hit the wires. From the UK this week we still have construction and service sector PMI’s set for release along with the Bank of England’s rate meeting.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4665 0.4600 0.4720 0.4647 - 0.4710
GBP/AUD 2.1436 2.1186 2.1739 2.1232- 2.1521

Friday 31st July 2:00pm(NZT)
The Australian dollar has remained under pressure this week and against the UK Pound. We have seen fresh cycle lows at 0.4649 (high 2.1510) trade in the past 12 hours. Minor resistance around 0.4710 (support 2.1230) and then key downtrend resistance around 0.4740 (2.1098) provide the AUD topside barriers and while below those levels the risks remain toward a weaker AUD. It does seem that the AUD downside momentum is starting to wane a touch and we could see a test of those topside resistance levels over the coming week. From Australia next week we have retail sales, the RBA rate meeting, the trade balance and employment data all set for release. While from the UK we get PMI’s from the manufacturing, construction and service sectors along with the Bank of England interest rate meeting and inflation report.
The current interbank midrate is:    AUDGBP 0.4679    GBPAUD 2.1372

The interbank range this week has been:    AUDGBP 0.4649 - 0.4744    GBPAUD 2.1079- 2.1511
Tuesday 28th July 3:00pm(NZT)
It has been a tough week for the Australian dollar as soft commodity prices and disappointing Chinese data have weighed. Yesterday’s 8.5% decline in Chinese stocks hasn’t helped sentiment either and in recent hours the cross to the UK Pound has made fresh cycle lows at 0.4669 (highs 2.1418). For now the risks remain to the AUD downside with minor resistance around 0.4710 (support 2.1230) capping near term Australian dollar strength. A move above 0.4710 (below 2.1230) would open the way for a test of key downtrend resistance now seen around 0.4760 (2.1000). I expect that level to cap any potential strength on the week. From the UK this week we get GDP data along with net lending to individuals, mortgage approvals and consumer confidence. While from Australia we have a speech from Governor Stevens to digest along with building approvals and the producer prices data.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4675 0.4560 0.4760 0.4669 - 0.4785
GBP/AUD 2.1390 2.1008 2.1930 2.0900- 2.1417

Friday 24th July 1:30pm(NZT)
There has been little direction for this pair over the past week. A period of Australian dollar strength on Tuesday night did see the cross trade as high as 0.4785 (low 2.0899), but this was still shy of key long term downtrend resistance, and as such the broad downtrend that started in early May remains intact. This keeps the focus on the Australian dollar downside for the time being, with further tests toward 0.4700 (2.1275) likely. If however, we see a break above downtrend resistance, now seen around 0.4790 (uptrend support 2.0875), the outlook will quickly change. Any move through that level will encourage further AUD buying and a recovery toward 0.4900 (2.0410) could then develop. From Australia next week we have building approvals, import prices and producer prices data. While from the UK we have GDP data to draw focus along with net lending to individuals.
The current interbank midrate is:    AUDGBP 0.4739    GBPAUD 2.1101

The interbank range this week has been:    AUDGBP 0.4702 - 0.4785    GBPAUD 2.0900- 2.1267
Tuesday 21th July 5:00pm(NZT)
The Australian dollar has remained under pressure from the UK Pound this past week, with the current level not far off recent AUD cycle lows. Declining commodity prices are weighing on the AUD, while the GBP has gained from talk of approaching interest rate hikes by BOE Governor Carney. Major downtrend resistance now comes in around 0.4810 (uptrend support around 2.0790) and that is the key level to watch on any period of strength. A break above that level will encourage further buying. Until then however, the risks are all skewed to further AUD downside for the pair. The RBA minutes in the next hour will provide some focus, then tomorrow we have inflation data to digest, followed by a speech from Governor Stevens. From the UK this week we have the Bank of England minutes as well as retail sales data to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4740 0.4700 0.4925 0.4702 - 0.4806
GBP/AUD 2.1097 2.0305 2.1277 2.0805- 2.1267

Friday 17th July 1:30pm(NZT)
The Australian dollar has seen pressure from the UK Pound this week with the pair making fresh lows at 0.4706 (highs of 2.1249). Bank of England Governor Carney gave the GBP a boost when he said the point at which interest rate may begin to rise is moving closer. This has combined with continued weakness in the AUD, particularly in the wake of the Bank of Canada interest rate cut, to dive the pair lower. Major downtrend resistance now comes in around 0.4825 (support around 2.0725) and while below that level, the risks remain skewed to further weakness. From Australia we have the minutes from the last Reserve Bank of Australia meeting to draw focus along with the latest reading on inflation. While from the UK we have the BOE minutes to digest along with public sector net borrowing and retail sales data.
The current interbank midrate is:    AUDGBP 0.4750    GBPAUD 2.1053

The interbank range this week has been:    AUDGBP 0.4706 - 0.4868    GBPAUD 2.0541- 2.1248
Tuesday 14th July 4:00pm(NZT)
Last week’s better than forecast Australian employment data helped this pair trade up to key downtrend resistance at 0.4870 (2.0535 support). The cross failed to overcome that level however and we saw a sharp pull back on the back of much better than forecast UK trade balance data. A fresh cycle low of 0.4755 (2.1030 high) then traded in the early stages of this week. While downtrend resistance, now at 0.4850 (2.0620), continues to cap any periods of AUD strength the risks remain skewed to further weakness. However there are indications that downside momentum is waning and as such dips toward 0.4700 (2.2180) should find support for the AUD. From Australia this week we have business confidence, consumer sentiment and inflation expectations to digest. While from the UK we also have inflation figures as well as employment and wage data. BOE Governor Carney is also set to testify in front of parliament’s Treasury Committee during the inflation report hearings.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4792 0.4725 0.4925 0.4755 - 0.4868
GBP/AUD 2.0868 2.0305 2.1164 2.0541- 2.1033

Friday 10th July 3:30pm(NZT)
After early weakness this pair has staged something of a bounce and it now approaches a key resistance area. Better than expected Australian employment data yesterday helped in the recovery, as did broad based GBP weakness driven by wider market risk aversion. 0.4870 (2.0534) marks important downtrend resistance, and any move above there will likely encourage further buying. A break above that level should see a test of 0.4925 (2.0305)at least. With a lot of uncertainty still around the Greek situation as well as Chinese stocks, next week could be another volatile one. Tonight from the UK we have trade balance data and then next week we get the latest readings on inflation and employment. While from Australia next week we get business confidence, consumer sentiment and inflation expectations data.
The current interbank midrate is:    AUDGBP 0.4860    GBPAUD 2.0576

The interbank range this week has been:    AUDGBP 0.4779 - 0.4897    GBPAUD 2.0422- 2.0925
Tuesday 7th July 2:30pm(NZT)
It’s been a very tough week for the Australian dollar with sharp losses seen in most currency pairs. Disappointing retails sales data and renewed weakness in iron ore prices have weighed on the AUD and this has helped to dive it to a fresh cycle low of 0.4792 GBP (highs 2.0868). There are no indications this leg lower has run its course and as such the risks remains skewed to the Australian dollar downside. Today’s RBA rate statement provides the immediate focus, then on Thursday we have Australian employment data. UK data has for the most part been supportive of the economic outlook going forward and tonight we have manufacturing production digest ahead of the BOE rate meeting on Thursday.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4800 0.4725 0.4925 0.4792 - 0.4929
GBP/AUD 2.0833 2.0305 2.1164 2.0290- 2.0870

Thursday 2nd July 2:30pm(NZT)
We have seen some choppy price action for this pair over the past week, but ultimately the cross is trading around the same level is was this time last week. Key resistance comes in around 0.4930 (support 2.0284) and a test toward that level yesterday ultimately failed. While below 0.4930 (above 2.0284) we may well see further investigations lower. Key to near term direction however will be the outcome of PMI readings from the UK construction and service sectors set for release ahead of the weekend. Next week when from Australia we have the RBA rate statement and employment change numbers. While from the UK we have the Bank of England rate meeting, the annual budget release, manufacturing production and the trade balance to digest.
The current interbank midrate is:    AUDGBP 0.4895    GBPAUD 2.0429

The interbank range this week has been:    AUDGBP 0.4839 - 0.4938    GBPAUD 2.0250- 2.0666
Tuesday 30th June 2:00pm(NZT)
The Australian dollar started to see pressure late last week on the back of dramatic falls in Chinese stocks. Against the UK Pound, this drove the cross to fresh cycle lows below 0.4869 (highs 2.0538) heading into the weekend. Greek developments then took centre stage and wider market risk aversion pressured the AUD further. Eventually a low of 0.4839 (high 2.0665) traded early yesterday. We have seen a small bounce from there but it’s been less than convincing and the risks remain skewed to the AUD downside. Resistance around 0.4940 (support 2.0243) looks likely to cap any near term Australian dollar strength for the time being. It would take a move above that level to change the current bearish (negative) outlook. RBA Governor Stevens is due to speak tonight, then later in the week from Australia we get building approvals, the trade balance and retails sales data. While from the UK we have PMI’s from the manufacturing, construction and service sectors to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4875 0.4740 0.4940 0.4839 - 0.4938
GBP/AUD 2.0513 2.0243 2.1097 2.0250- 2.0666

Friday 26th June 2:00pm(NZT)
The Australian dollar has made some incremental gains against the UK Pound this week, driven largely by some weakness in the GBP. The gains are corrective, within the much broader downtrend and as such I don’t seem them going much further than 0.4980 (2.0080). Selling the Australian dollar into strength is recommended for an eventual retest of the recent cycle lows at 0.4869 (highs at 2.0538). Next week from Australia we have a speech from Governor Stevens to digest along with building approvals, trade balance and retail sales data. While from the UK we get data on net lending to individuals, the current account, and GDP, along with manufacturing, construction and service sector PMI’s.
The current interbank midrate is:    AUDGBP 0.4910    GBPAUD 2.0367

The interbank range this week has been:    AUDGBP 0.4876 - 0.4938    GBPAUD 2.0250- 2.0507
Tuesday 23th June 2:30pm(NZT)
The Australian dollar has underperformed the UK Pound this past week. Fresh cycle lows traded at 0.4869 (high’s 2.0538) in the wake of stronger than forecast UK wage data that boosted the GBP. Since then the pair has been consolidating recent AUD losses with price action bouncing around 0.4900 (2.0410). While the market holds below 0.4925 (above 2.0300) the risks remain skewed to the AUD downside and further tests of recent Australian dollar lows look likely. There is little on the economic calendar from Australia this week to draw attention, while from the UK we get mortgage approvals, CBI realized sales and a speech from Bank of England Governor Carney to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4880 0.4800 0.4925 0.4869 - 0.4984
GBP/AUD 2.0492 2.0305 2.0833 2.0064- 2.0539

Thursday 17th June 2:00pm(NZT)
The Australian dollar lost further ground to the UK Pound this week and was sitting right on support at 0.4925 (resistance at 2.0305) going into UK employment data last night. That data showed a very strong outcome for average weekly earnings and this cause a material increase in demand for GBP’s. 0.4925 support (2.0305 resistance) quickly gave way and the pair fell sharply toward 0.4870 (2.0534). The near term risks remain to the downside and 0.4925 (2.0305) will now provide resistance on any attempt to recover. From the UK we have retail sales data tonight, followed by the inflation report hearings next week. While from Australia there is only the house price index of any note next week.
The current interbank midrate is:    AUDGBP 0.4880    GBPAUD 2.0492

The interbank range this week has been:    AUDGBP 0.4872 - 0.5024    GBPAUD 1.9904- 2.0526
Tuesday 16th June 2:30pm(NZT)
The Australian dollar continues to grind its way lower against the UK Pound, with the target a test of support at 0.4925 (resistance at 2.0305). Trading has been relatively choppy however, and we can expect more of the same over the coming week with a number of key releases from the UK to digest. Inflation data tonight will be followed by employment data and the BOE minutes on Wednesday, then later in the week we have a speech from Governor Carney and retail sales figures. Locally the main focus will be on the RBA minutes set for release in the next hour. Selling into any periods of strength remains the favoured play with resistance at 0.5040 and then again at 0.5100 (support at 1.9841 and then 1.9608) likely to cap further AUD appreciation.
  Current Level Support Resistance Last week's range
AUD/GBP 0.4980 0.4925 0.5040 0.4959 - 0.5038
GBP/AUD 1.4514 1.9841 2.0305 1.9847- 2.0164

Friday 12th June 2:00pm(NZT)
There has been no overall direction in this pairing over the past week. A reasonably tight range has developed with trade chopping around between 0.4970 and 0.5040 (1.9840 - 2.0120). The longer term trend is to the Australian dollar downside and this keeps the focus on a test of 0.4925 support (resistance 2.0300) at some stage. If we were to see a break above 0.5040 (below 1.9840) the pair could extend as far as 0.5100 (1.9610), but that level should cap any periods of near term AUD strength. Next week from the UK we get data on inflation, employment and retail sales. We also have the Bank of England (BOE) minutes to digest. While from Australia we just have the RBA minutes to digest on Tuesday.
The current interbank midrate is:    AUDGBP 0.4990    GBPAUD 2.0040

The interbank range this week has been:    AUDGBP 0.4969 - 0.5038    GBPAUD 1.9847- 2.0124
Tuesday 9th June 2:00pm(NZT)
This pair made sharp losses in the second half of last week, weighed on by soft data from Australia. The cross again tested levels below 0.5000 (2.0000), however there was no follow through AUD selling and as such a small recovery ensued. Although the risks remain skewed to the downside, the repeated failures below 0.5000 (above 2.0000) raise some doubt about near term direction. For the time being the AUD topside is protected by resistance around 0.5100 (support 1.9610) and selling into any periods of strength is recommended. From Australia we have business confidence out this afternoon, then later in the week we get consumer sentiment and employment change data, along with a speech from Governor Stevens. While from the UK this week we have manufacturing and industrial production data, the NIESR’s estimate of GDP, and a speech from Governor Carney to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5015 0.4925 0.5100 0.4983 - 0.5098
GBP/AUD 1.9940 1.9608 2.0305 1.9617- 2.0068

Friday 5th June 1:00pm(NZT)
It really has been a week of two halves for this pair, with surging gains early in the week, giving way to sharp losses over recent days. The gains were largely driven by Australian dollar strength in the wake of the Reserve Bank of Australia’s rate statement and better than forecast GDP data. But Yesterday’s disappointing retail sales and trade balance data quickly turned the AUD around and the pair has traded back to where it started the week around 0.5000 (2.0000). I still believe with the broader trend to the AUD downside, a test of 0.4925 (2.0305) will be seen over the coming week or so. Next week from Australia we have business confidence, consumer sentiment, inflation expectations and employment change all set for release. While from the UK we have the trade balance, inflation report hearings, manufacturing production, and the NIESR’s GDP estimate to digest.
The current interbank midrate is:    AUDGBP 0.5001    GBPAUD 1.9996

The interbank range this week has been:    AUDGBP 0.4990 - 0.5098    GBPAUD 1.9617- 2.0040
Tuesday 2nd June 2:30pm(NZT)
The Australian dollar remain in a downtrend against the UK Pound and in the wake of last week’s disappointing private capital expenditure data the cross traded as low as 0.4986 (high as 2.0056). My near term target for the pair is a test of 0.4925 (2.0305) and selling AUD into any periods of strength is recommended. Minor resistance around 0.5060 (support around 1.9763) may well cap the pair this week and that level therefore provides a viable target for those looking to sell Australian dollars. The immediate focus now turns to this afternoons RBA rate statement which could easily provide some volatility. Later in the week from Australia we have GDP, retails sales, and trade balance data to draw focus. While from the UK we have PMI readings from the construction and service sectors to digest, along with the Bank of England rate meeting.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5020 0.4925 0.5060 0.4986 - 0.5072
GBP/AUD 1.9920 1.9763 2.0305 1.9715- 2.0056

Friday 29th May 2:00pm(NZT)
The Australian dollar has lost significant ground to the UK Pound this week. Sharp losses were seen in the wake of yesterday’s very disappointing Australian private capital expenditure data. The pair eventually broke below the psychologically important 0.5000 (2.0000) level and the medium term risks remain to the downside. The target over the next week or two is a test of 0.4925 (2.0305), then over the next month or two 0.4770 (2.0964). Resistance around 0.5060 (support around 1.9763) should continue to cap the topside and selling into any periods of strength is recommended. From Australia next week we have building approvals, GDP, trade balance data, and an RBA rate meeting to digest. While from the UK we get a trifecta of PMI’s from the manufacturing, construction and services sectors, along with the Bank of England rate meeting.
The current interbank midrate is:    AUDGBP 0.4996    GBPAUD 2.0016

The interbank range this week has been:    AUDGBP 0.4986 - 0.5072    GBPAUD 1.9715- 2.0056
Tuesday 26th May 2:00pm(NZT)
The Australian dollar saw pressure from the UK Pound last week, with particularly sharp declines seen in the wake of strong UK retail sales data. Although the pair has managed to bounce from its lows, it has so far failed to overcome minor resistance around 0.5060 (minor support around 1.9763). This keeps the risk skewed to the downside in the near term. Look for a range of 0.5000 to 0.5100 (2.0000 to 1.9608) over the coming week. Still to come this week from Australia we have private capital expenditure and construction work done data, along with a speech from RBA deputy governor Lowe. While from the UK we get data in the form of GDP, preliminary business investment and GFK consumer confidence.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5058 0.5000 0.5200 0.5023 - 0.5149
GBP/AUD 1.9771 1.9231 2.0000 1.9423- 1.9910

Friday 22nd May 2:00pm(NZT)
The Australian dollar has lost ground to the UK Pound this week, despite data showing UK inflation turned negative in April. That release did see a short period of GBP weakness which helped the pair trade to its 0.5149 high (1.9421 low). But the result was not completely unexpected and the Bank of England is not at all concerned about what they see a temporary dip in inflation. As such the GBP quickly recovered and in the past 24 hours we have seen the release of very strong UK retail sales data. This has driven the cross to the week’s low of 0.5023 (high of 1.9908). Resistance toward 0.5100 (support toward 1.9608) should cap any periods of strength in the pair with the focus firmly on the downside and further tests toward 0.5000 (2.0000). From Australia next week we get data on construction work done along with private capital expenditure. While from the UK we have the second reading of GDP, preliminary business investment, consumer confidence and CBI realized sales data.
The current interbank midrate is:    AUDGBP 0.5042    GBPAUD 1.9833

The interbank range this week has been:    AUDGBP 0.5023 - 0.5149    GBPAUD 1.9423- 1.9910
Tuesday 19th May 1:00pm(NZT)
The Australian dollar staged something of a recovery against the UK Pound in the middle stages of last week although the move ran out of steam at the first resistance level of 0.5190 (support 1.9268). Since then some relative weakness in the Australian dollar has seen a move back to 0.5100 (1.9608) where this pair currently trades. The immediate risks remain skewed to further weakness and a test of support around 0.5000. Selling into any periods of strength toward 0.5190 (buying towards 1.9268) remains the favoured play. We have the RBA minutes to digest in the coming hours, then later in the week we get inflation expectations and consumer sentiment data. From the UK this week we have minutes from the Bank of England rate meeting to draw focus and then later in the week we get the latest reading of retail sales. Governor Carney is also due to speak on Friday evening.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5102 0.5000 0.5200 0.5063 - 0.5180
GBP/AUD 1.9600 1.9231 2.0000 1.9305- 1.9753

Friday 15th May 1:30pm(NZT)
This pair traded to a low of 0.5059 early in the week as the UK Pound continued to strengthen as a result of their positive election outcome. That GBP strength finally ran out of steam mid-week after the Bank of England Inflation report came in a little softer than expected. The Australian dollar also found some support from the budget release and as such the cross managed a substantial bounce up to 0.5180. The risks remain skewed to the downside and selling into periods of strength is recommended at this stage. Minor resistance around 0.5190 and then major resistance around 0.5250 should cap the pair with further investigations below 0.5100 likely over the coming weeks. Next week from Australia we have the Monetary Policy Meeting Minutes to digest, along with consumer sentiment and inflation expectations data. While from the UK we have inflation and retail sales data along with the BOE minutes to digest.
The current interbank midrate is:    AUDGBP 0.5110    GBPAUD 1.9569

The interbank range this week has been:    AUDGBP 0.5059 - 0.5182    GBPAUD 1.9299- 1.9766
Tuesday 12th May 1:00pm(NZT)
Strong gains in the value of the UK Pound in the wake of the surprising UK election result have been the main driver of this pair over the past week. The Australian dollar has seen a little pressure on the back of very tepid data and this has certainly added to the downside, but it’s really been a story of GBP strength. The pair smashed through support around 0.5085 (resistance around 1.9666) last night and this opens the way for further losses toward the 0.5000 level (2.0000). Tonight’s Australian budget release will draw focus as will tomorrow’s wage price index. While from the UK this week we get manufacturing production and employment data along with a speech from Governor Carney and the Bank of England’s inflation report.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5070 0.5000 0.5200 0.5059 - 0.5268
GBP/AUD 1.9724 1.9231 2.0000 1.8982- 1.9766

Friday 8th May 1:30pm(NZT)
The Australian dollar made solid gains again the UK Pound in the first half of the week, boosted by a short squeeze in the wake of the RBA interest rate cut. That helped to drive the pair up to its 0.5268 high (1.8983 low), but since then the GBP has made a strong comeback. The past 12 hours in particular have seen GBP buyers emerge as polling in the UK election got under way. Early exit polls from the UK general election suggest the Conservatives have a significant lead. This flies in the face of all the pre-election polling that said it would be a neck and neck race with Labour. A return of the current government would be the most market friendly result and as such the UK Pound is strengthening. There is solid support for the pair around the 0.5100 (resistance around 1.9608) level and this looks like a viable target if the Conservatives do indeed retain power. Next week from Australia we have NAB business confidence, the annual budget release, home loans and the wage price index. While from the UK we have the Bank of England rate meeting on Monday, followed later in the week by manufacturing production, employment data, and the BOE inflation report.
The current interbank midrate is:    AUDGBP 0.5128    GBPAUD 1.9501

The interbank range this week has been:    AUDGBP 0.5122 - 0.5268    GBPAUD 1.8982- 1.9524
Tuesday 5th May 2:00pm(NZT)
It has been another week of choppy price action for this pairing with a sharp swing from the highs of 0.5234 down to a low of 0.5122 (1.9106 up to 1.9524). Although that low breached support around 0.5140 (1.9455), it wasn’t sustained and we have since seen a decent recovery. A key factor in the recovery was disappointing UK manufacturing PMI data which pressured the GBP. This week may well see a lot more volatility with some key releases scheduled. The first is the RBA’s rate statement due out later this afternoon. Most of the market is expecting a rate cut from the central bank, and if that does happen it will pressure the AUD. Later in the week from Australia we have retail sales and employment data to digest as well. On the UK side of the equation we have the general election on Thursday and it has turned out to be a very close race. Ahead of that we get PMI readings from the construction and service sector, but their impact will be limited by election uncertainty. 0.5100 and 0.5300 (1.8868 and 1.9610) provide the initial board support and resistance parameters, but with so many important releases this week a much broader move through either of those levels could develop.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5182 0.5100 0.5300 0.5122 - 0.5234
GBP/AUD 1.9298 1.8868 1.9608 1.9106- 1.9524

Friday 1st May 2:45pm(NZT)
It has been a volatile week for this pairing. Australian dollar strength on the back of improving iron ore prices and increasing doubts about a rate cut at next week’s RBA meeting, combined with GBP weakness after softer than expected GBP. This drove the pairing all the way up to a 0.5234 high (low 1.9105) before a sharp turnaround saw the cross trade down to the week's low at 0.5126 (high1.9508). The recent weakness was influenced in large part by an article in a Sydney newspaper that suggested the RBA will indeed cut interest rates next week. That article saw the AUD come under heavy selling pressure and it has so far failed to make any meaningful recovery. The RBA central bank meeting on Tuesday will be the main focus for the week and there is likely to be plenty of volatility as a result. The outcome is a very close call and as such the AUD could put in a significant reaction either way. With minor support around 0.5140 (resistance 1.9450) having been breached, the market could easily drift lower toward 0.5090(1.9650). That level should contain the weakness ahead of the RBA meeting. One that central bank decision is out of the way the market will turn its attention to the UK general election. The most GBP friendly outcome would be a return of the current Conservative government, and the most GBP unfriendly result being a Labour/SNP coalition.
The current interbank midrate is:    AUDGBP 0.5140    GBPAUD 1.9455

The interbank range this week has been:    AUDGBP 0.5126 - 0.5234    GBPAUD 1.9106- 1.9507
Tuesday 28th Apr 3:30pm(NZT)
The Australian dollar lost a little ground to the UK Pound in the first half of last week, trading down to support around 0.5140 (resistance 1.9455). Since then however, a tight range has developed between that level and 0.5180 on the topside (1.9300 downside). The UK Pound gained support after the release of upbeat minutes from the Bank of England, but it’s hard to see the GBP gaining much more ground ahead of the May 7th general election. That is still shaping up to be a very tight race and uncertainty over just who will be able to form a government should help to cap near term GBP gains. From Australia this week we only have import prices, private sector credit, and producer prices data to digest. While from the UK we get GDP data tonight and manufacturing PMI data on Friday. Expect more sideways action for the pair ahead of next week’s RBA meeting and UK election.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5170 0.5100 0.5300 0.5140 - 0.5208
GBP/AUD 1.9342 1.8868 1.9608 1.9202- 1.9455

Friday 24th Apr 2:00pm(NZT)
Although both the Australian dollar and the UK Pound have seen periods of strength this week, the GBP has managed to outperform, driving the AUD marginally lower then where is started the week. RBA Governor Stevens then did his best to talk the Australian dollar down, but his efforts were undone by a stronger than expected Australian inflation result. The UK pound on the other hand received a shot in the arm from the Bank of England minutes. They were more upbeat than the market had been expecting and this boosted demand for the Pound, which has been struggling recently on the back of election uncertainty. The combination of these factors saw the AUDGBP cross pull back as far as initial support at 0.5140 (resistance at 1.9455 GBPAUD), which has so far contained the AUD weakness. A break below 0.5140 (above 1.9455) will see 0.5100 support (1.9608 resistance) come into play. I suspect that latter level will contain any further AUD weakness ahead of the RBA meeting on the 5th May. Next week from Australia we will hear from Governor Stevens again ahead of producer prices data. While from the UK we have GDP and manufacturing PMI data to digest.
The current interbank midrate is:    AUDGBP 0.5174    GBPAUD 1.9327

The interbank range this week has been:    AUDGBP 0.5140 - 0.5242    GBPAUD 1.9078- 1.9455
Tuesday 21st Apr 3:30pm(NZT)
Like most Australian dollar crosses this pair snapped higher in the wake of last Thursday’s strong Australian employment data. The cross couldn’t sustain gains over 0.5230 (below 1.9120) however, thanks in large part to the UK releasing their own positive employment data on Friday. A significant pullback has now developed with the pair trading back down at 0.5160 (up to 1.9380). There is good support around 0.5100 (resistance 1.9610) and this should contain any further AUD downside over the course of this week. Tomorrow from Australia we have inflation data to draw focus. Attention will then turn to the Bank of England minutes and UK retail sales data.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5165 0.5100 0.5300 0.5138 - 0.5242
GBP/AUD 1.9361 1.8868 1.9608 1.9078- 1.9462

Friday 17th Apr 1:00pm(NZT)
It has been a week of two halves for this pairing with prices largely driven by movements in the value of the Australian dollar. The AUD saw early weakness after very soft Chinese trade balance data and this drove the cross to its 0.5138 low (1.9463 high). We have however seen a sharp recovery off that low thanks in part to yesterday’s much better than forecast Australian employment data. On the UK side of the equations the Pound continues to be weighed on by uncertainty around the upcoming general election and this is likely to persist until the outcome of the May 7th vote is known. Expect a range of 0.5100 to 0.5300 (1.9608 to 1.8868) to contain price action of the coming week. Tonight from the UK we have the latest employment data to digest and this should show another healthy fall in the claimant count (unemployment claims). Next week from Australia we have the minutes from the last RBA meeting along with the latest reading of inflation, while from the UK we have the Bank of England minutes and retails sales numbers to digest.
The current interbank midrate is:     AUDGBP 0.5215     GBPAUD 1.9175

The interbank range this week has been:     AUDGBP 0.5138 - 0.5252     GBPAUD 1.9040- 1.9462
Tuesday 14th Apr 2:30pm(NZT)
Disappointing manufacturing and construction data, coupled with uncertainty about the outcome of the general election on May 7th, kept the UK Pound under pressure for much of the past week. This helped to dive the cross up to its 0.5252 high (1.9040 low). A  sharp AUD pullback from that level has developed in the past 24 hours, initially triggered by very poor Chinese trade balance data. This weighed heavily on the Australian dollar. Last night we also saw a poll of UK voters that showed the Conservatives opening a small lead and this helped the GBP regain some composure. Initial support comes in around 0.5150 (resistance 1.9420) and as long as the market holds above there the risks are skewed to the AUD upside. We have key employment data from both countries set for release this week, while from the UK we also get inflation data tonight.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5190 0.5100 0.5300 0.5090 - 0.5252
GBP/AUD 1.9268 1.8868 1.9608 1.9040- 1.9646

Friday 10th Apr 1:45pm(NZT)
The Australian dollar has surged higher against the UK Pound this week driven by AUD strength and GBP weakness. The Australian dollar saw big gains on Tuesday after better than expected retail sales data and a somewhat surprising ‘no change’ decision from the Reserve Bank. The UK Pound on the other hand has been pressured by uncertainty around the upcoming general election, and this has outweighed the positive impacts of strong service PMI data and a $70 billion takeover of BG Group by Royal Dutch Shell. The pair may well look to test the March high of 0.5309 (low 1.8835) which marks the first line of key AUD resistance. Tonight from the UK we have manufacturing production data, and next week we get the latest readings on inflation and employment. While from Australia next week we get the latest readings on business confidence, consumer sentiment, inflation expectations and unemployment change.
The current interbank midrate is:    AUDGBP 0.5242    GBPAUD 1.9077

The interbank range this week has been:    AUDGBP 0.5090 - 0.5242    GBPAUD 1.9077- 1.9646
Thursday 2nd April 2:30pm(NZT)
The past week has seen the AUD under pressure on this pairing. Better than forecast results for UK fourth quarter GDP and retail sales have helped the UK Pound to a degree, but uncertainty around the upcoming elections is limiting GBP gains. A good portion of the past week’s move has been on the back of Australian dollar weakness. Soft iron ore prices and expectations for another interest rate cut from the RBA on Tuesday are weighing. The pair has broken down through initial support around 0.5140 (resistance around 1.9455) and is currently trading near the week’s low just above 0.5120 (1.9532). This keeps the immediate focus on the downside. Only a sustained recovery back above 0.5140 (below 1.9455) will relieve the pressure. Tonight from the UK we have construction PMI and next week starts off with the PMI from the service sector. Later in the week we have the BOE rate meeting and manufacturing production data to digest. Local attention will be on Tuesday’s RBA rate statement and retail sales data.
The current interbank midrate is:    AUDGBP 0.5122    GBPAUD 1.9524

The interbank range this week has been:    AUDGBP 0.5122 - 0.5286    GBPAUD 1.8919- 1.9525
Tuesday 31st Mar 2:30pm(NZT)
This pair has seen a sharp Australian dollar pullback from just over the 0.5300 (1.8870) level where it was trading less than a week ago. A better than expected UK retail sales result certainly helped, but the majority of the losses have come on the back of Australian dollar weakness. The AUD has been weighed on by further falls in iron ore prices and general concerns about Chinese growth. Initial support comes in around 0.5140 (resistance 1.9455) and the pair may well look to test that over the coming days. Reaction at that level will be key and if it can contain the AUD weakness a recovery back over 0.5200 (1.9230) will likely eventuate. Australian building consents and trade balance data over the coming days should only provide limited market impact. While from the UK this week we have manufacturing and construction PMI’s to digest, both of which should indicate the UK’s economic recovery remains in good shape. We could also easily see increased volatility in the GBP over the coming weeks with campaigning for what looks like a close election now under way.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5174 0.5100 0.5300 0.5156 - 0.5309
GBP/AUD 1.9327 1.8868 1.9608 1.8837- 1.9393

Friday 27th Mar 1:30pm(NZT)
The Australian dollar continued its recent gains against the UK Pound in the early stages of this week trading to a 0.5309 high (1.8835 low) early on Wednesday morning. The move was helped by a flat reading from UK inflation, but the pair failed to kick on and since then something of a corrective AUD pullback has ensued. The Pound did find some support from much better than forecast retails sales that hit the wires last night, and I would expect to see any further attempts over 0.5300 (under 1.8870) continue to run into strong AUD resistance. From Australia next week we have private sector credit, building approvals, and the trade balance set for release. While from the UK we get the current account, the final reading of GDP, manufacturing PMI, and construction PMI.
The current interbank midrate is:    AUDGBP 0.5273    GBPAUD 1.8965

The interbank range this week has been:    AUDGBP 0.5179 - 0.5309    GBPAUD 1.8837- 1.9308
Tuesday 24th Mar 12:30pm(NZT)
The Australian dollar managed to break above 0.5180 resistance (support 1.9305) to the GBP last week, helped by soft UK wage data and wider market volatility. That volatility came in the wake of the FOMC rate statement, and since then the AUD has largely outperformed the GBP trading to a high of 0.5280 (low 1.8940) so far. There is certainly potential for this move to extend toward 0.5350 (1.8690), but I suspect that level will prove a lot tougher to overcome. Broad GBP underperformance has been a feature of trading over the past two weeks, but it is starting to feel a little overdone. Uncertainty around the upcoming election may well be playing a part, as will the expectation for a very soft inflation figure tonight. But unless this data, and the retail sales figure tomorrow night, significantly undershoots market expectations, we could easily see a turnaround in fortunes for the GBP. Selling AUD into strength toward 0.5350 (1.8690) is the favoured play for an eventual pullback toward 0.5180 (1.9305).
  Current Level Support Resistance Last week's range
AUD/GBP 0.5272 0.5180 0.5350 0.5137 - 0.5280
GBP/AUD 1.8968 1.8692 1.9305 1.8939- 1.9467

Thursday 19th Mar 2:45pm(NZT)
The Australian dollar spent much of this week knocking on the door of resistance around 0.5180 (support around 1.9305). The RBA minutes did create some downside pressure, although the pair only got as low as 0.5137 (high as 1.9467) before a recovery ensued. The UK Pound itself has been under more pressure than one would have expected recently and last night’s UK wage data didn’t help. The softer than expected wage outcome was in fact enough to dive the pair up through 0.5180 resistance (down through 1.9305 support) and this triggered an extension to 0.5224 (1.9142) ahead of the FOMC statement. We saw some serious market volatility in the wake of that statement, but in the wash-up it seems the AUDGBP has gained a solid foothold above 0.5180 (below 1.9305). This significantly increases the chances of an extension toward 0.5300 (1.8868) or perhaps even 0.5350 (1.8692) over the coming weeks. Tonight from the UK we have the government's annual budget release to digest, then next week we get inflation and retail sales data. From Australia next week we only have the RBA Financial Stability Review set for release.
The current interbank midrate is:    AUDGBP 0.5198    GBPAUD 1.9238

The interbank range this week has been:    AUDGBP 0.5076 - 0.5224    GBPAUD 1.9143- 1.9700
Tuesday 17th Mar 3:00pm(NZT)
The Australian dollar saw a decent recovery against the UK Pound late last week, driven as much by weakness in the UK Pound as anything else. This saw the pair testing initial resistance around 0.5180 (1.9305 support) and although a number of attempts have been made since then to sustain a break above that level, ultimately the topside attempts failed. A pullback toward 0.5100 (up to 1.9610) could now easily unfold over the coming week. The RBA minutes are set for release this afternoon and the market is expecting this to confirm the bank remains on course to cut rates again over the coming months. This should keep some downside pressure on the Australian dollar. I also believe recent GBP weakness has more to do with market positioning than economic fundamentals and could therefore easily be reversed. For these reasons, I expect resistance around 0.5180 (support 1.9305) to continue to cap the AUD topside and a pullback toward 0.5100 (rally to 1.9610), or through, to unfold over the coming days. From the UK this week we have employment data and the Bank of England minutes to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5157 0.5000 0.5200 0.5037 - 0.5194
GBP/AUD 1.9391 1.9231 2.0000 1.9253- 1.9854

Friday 13th Mar 12:30pm(NZT)
The Australian dollar saw pressure from the UK Pound for much of this week. The pair traded to a low of 0.5037 (1.9850), before a corrective bounce started to develop. In the past 24 hours that AUD bounce has turned into quite a dramatic short squeeze with the pair trading all the way up to key resistance around 0.5180 (support 1.9305). Profit taking on short (sold) Australian dollar positions has played a part, as has comments from BOE Governor Carney who last night raised concerns about the strength of the GBP. I expect resistance around 0.5180 (support 1.9305) to cap the AUD resurgence in the near term, however the strength of the AUD rally from 0.5037 (1.9850) does raise some concerns. Any move above 0.5190 (below 1.9268) would likely encourage further AUD buying. If 0.5180 (1.9305) does indeed cap the AUD demand, we should get a pull back toward 0.5100 (1.9610) over the coming week. Next week from the UK we get average cash earnings data, claimant count change, the Bank of England minutes, and the annual budget release. While from Australia we only have new vehicle sales, the RBA minutes, and the leading index to digest.
The current interbank midrate is:    AUDGBP 0.5175    GBPAUD 1.9324

The interbank range this week has been:    AUDGBP 0.5037 - 0.5178    GBPAUD 1.9312- 1.9854
Tuesday 10th Mar 2:30pm(NZT)
The Australian dollar made gains against the UK Pound last week helped by the RBA’s decision not to cut rates. The pair traded as high as 0.5178 (low as 1.9312) on Friday evening ahead of the key US employment release. Since that release however, the AUD has dramatically underperformed and this has created a sharp pullback toward minor support around 0.5085 (resistance around 1.9666). While the market holds above this level there is potential for a recovery, but the nature of the pullback suggests to me that we could see some further downside. A sustained break below 0.5085 (above 1.9666) should result in a much broader pullback toward 0.5000 (2.0000). From Australia this week we have consumer sentiment, inflation expectations, and employment change data to digest. While from the UK this week we have a speech from Governor Carney, data on manufacturing and industrial production, the NIESR’s GDP estimate and the trade balance.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5080 0.5000 0.5200 0.5048 - 0.5178
GBP/AUD 1.9685 1.9231 2.0000 1.9312- 1.9810

Friday 6th Mar 2:00pm(NZT)
The Australian dollar has made gains against the UK Pound this week. The RBA’s decision not to cut rates provided a boost for the AUD, while the UK Pound has been pressured on the back of a very weak Euro. As a result the pair traded up to 0.5134 (down to 1.9478) before a small pullback ensued. Direction from here is a tough call, but as long as the pair holds above 0.5085 (below 1.9666) I favour some further strength. Any move below 0.5085 (above 1.9666) would open the way for test back down to 0.5000 (2.0000). Next week from Australia we get business confidence, consumer sentiment, inflation expectations and employment change data.  While from the UK we get manufacturing and industrial production data, the NIESR’s estimate of GDP, and the trade balance.
The current interbank midrate is:    AUDGBP 0.5105    GBPAUD 1.9589

The interbank range this week has been:    AUDGBP 0.5039 - 0.5134    GBPAUD 1.9477- 1.9844
Tuesday 3rd Mar 2:30pm(NZT)
The Australian dollar has seen further sideways trading against the UK Pound this week. The broad parameters of 0.5000 to 0.5100 (5.0000 to 1.9608) have contained price action with the cross currently bank in the middle of that range. The key event that is likely to dictate near term direction is this afternoons RBA rate statement. The market is split right down the middle in terms of cut or no cut expectations and as such there is likely to be significant volatility around the announcement. A cut from the RBA should see support around 0.5000 (resistance around 2.0000) tested, while a no change decision will see resistance around 0.5100 (support around 1.9608) come under pressure. Later in the week from Australia we get GDP data, retails sales, and the trade balance. While in the UK Governor Carney is also due to speak tonight and then on Thursday we have the Bank of England rate decision. We also have the UK construction and service sector PMI’s to digest over the coming days.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5151 0.5000 0.5100 0.5012 - 0.5099
GBP/AUD 1.9414 1.9608 2.0000 1.9612- 1.9950

Friday 27th Feb 1:00pm(NZT)
The past week has seen further range trading for this pair between the broad parameters of 0.5000 and 0.5100 (2.0000 and 1.9608). Mixed Australian data has driven volatility within that range, but we have seen no overall direction. That could easily change next week with the RBA rate decision on Tuesday too close to call. The outcome of that event is likely to drive the Australian dollar through the middle part of next week. Once the RBA decision is out of the way we still have Australian GDP, retail sales, and the trade balance to digest. From the UK next week we have the trifecta of PMI’s from the manufacturing, construction and service sectors, along with the Bank of England rate meeting. A solid break of either 0.5000 or 0.5100 (2.0000 or 1.9608) will be the first indication of where the market wants to head and we should see reasonable extension past which ever level eventually gives way.
The current interbank midrate is:    AUDGBP 0.5063    GBPAUD 1.9751

The interbank range this week has been:    AUDGBP 0.5012 - 0.5109    GBPAUD 1.9575- 1.9950
Tuesday 24th Feb 2:30pm(NZT)
The Australian dollar has been largely range bound between the broad parameters of 0.5000 and 0.5100 (2.0000 and 1.9608) to the UK Pound over the past two weeks. The failure to sustain a move up through 0.5100 (down through 1.9608) has seen the pair pull back to 0.5050 (1.9802) over the past 24 hours and the risks remain skewed to further weakness in the near term. Another test of 0.5000 (2.0000) could easily eventuate over the coming days, although there is nothing so far to suggest a continuation of the longer term downtrend is developing. We will more likely see a further period of ranging in the near term. The main focus in Australia this week will be on private capital expenditure data due out on Thursday. While from the UK we have mortgage approvals, the Nationwide house price index, the second estimate of GDP, and preliminary business investment data.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5050 0.5000 0.5100 0.5022 - 0.5109
GBP/AUD 1.9802 1.9608 2.0000 1.9575- 1.9910

Thursday 19th Feb 2:30pm(NZT)
Up until last night the Australian dollar was seeing gradual gains against the UK Pound, with the pair even breaking above resistance around 0.5070 (below support around 1.9724) for a time. But a sharp turnaround ensued after the UK released strong employment data last night which boosted demand for GBP’s. This saw the pairing trade back toward 0.5050 (1.9802) and effectively end up unchanged on the week. With little overall direction at the moment it may well that the range of 0.5000 to 0.5100 (2.0000 to 1.9608) contain trading over the coming week. Next week from Australia we have private capital expenditure data to draw focus. While from the UK we have CBI Realized Sales, the second estimate of GDP, and Preliminary Business Investment data.
The current interbank midrate is:    AUDGBP 0.5062    GBPAUD 1.9755

The interbank range this week has been:    AUDGBP 0.4994 - 0.5099    GBPAUD 1.9610- 2.0025
Tuesday 17th Feb 3:30pm(NZT)
The Australian dollar has staged a small recovery off the lows seen in the wake of last week’s poor employment data. Somewhat interestingly though the pair has failed to overcome initial resistance around 0.5070 (support at 1.9724). While that remains the case, the risks are skewed to further weakness. A move above 0.5070 (under 1.9724) would open the way for a move to 0.5150 (1.9417) and potentially even 0.5200 (1.9231). There is little in the way of economic data set for release from Australia for the remainder of the week, so focus will turn to offshore releases. To that end, tonight from the UK we have inflation figures then later in the week we get employment and retail sales data.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5067 0.4930 0.5070 0.4994 - 0.5146
GBP/AUD 1.9736 1.9724 2.0284 1.9433- 2.0025

Friday 13th Feb 2:30pm(NZT)
The Australian dollar has seen pressure from the GBP this week with the pair breaking below 0.5070 support (above 1.9725 resistance). Disappointing Australian employment data was a key driver and for the time being the risks remain to the downside. Last night’s Bank of England inflation report provided some volatility and helped drive the pair just below 0.5000 (above 2.000) for a time. There is an area of AUD support between 0.4930 and 0.4970 (2.0120 - 2.0285) and I suspect this will contain any further weakness in the near term. Topside AUD resistance is now seen at 0.5070 (1.9725 support) and any break through there would warn short term Australian dollar low has been put in place, and further gains would likely follow. From Australia next week we have the minutes from the latest RBA meeting to digest. While from the UK we get the latest inflation reading, employment data, the Bank of England minutes, and retail sales numbers.
The current interbank midrate is:    AUDGBP 0.5035    GBPAUD 1.9861

The interbank range this week has been:    AUDGBP 0.4994 - 0.5146    GBPAUD 1.9433- 2.0025
Monday 9th Feb 4:00pm(NZT)
This pair has remained under pressure even since last week’s interest rate cut from the Reserve Bank of Australia. Support toward 0.5070 (resistance toward 1.9724) has been tested on a number of occasions but has so far contained the weakness. This keeps alive the chance of a bounce toward resistance around 0.5200 (support around 1.9231). If however 0.5070 (1.9724) does give way the next target will be a test of support at 0.4930 (resistance 2.0284). There are plenty of local releases to draw attention this week with a speech from RBA Governor Stevens today followed over the coming days by business confidence, consumer sentiment, inflation expectations and employment change. While from the UK we have manufacturing production, the Bank of England inflation report and a speech from Governor Carney to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5100 0.5070 0.5200 0.5081 - 0.5210
GBP/AUD 1.9608 1.9231 1.9724 1.9195- 1.9681

Thursday 5th Feb 2:30pm(NZT)
It has been a volatile week for this pair with the Australian dollar losing significant ground to the UK Pound. The interest rate cut from the Reserve Bank of Australia was obviously a big driver, but we have also seen encouraging data out of the UK which suggests a decent expansion of economic activity in the first quarter of 2015. Support around 0.5070 (resistance around1.9724) has so far contained the downside in the pair, but it could easily come under further pressure. Topside resistance comes in around 0.5200 (support at 1.9231), although that seems unlikely to be troubled any time soon. From the UK we have the Bank of England rate meeting tonight and the trade balance tomorrow to digest. These will be followed by manufacturing production numbers and the BOE inflation report next week. From Australia next week we get readings on business confidence, consumer sentiment, inflation expectation and employment change.
The current interbank midrate is:    AUDGBP 0.5108    GBPAUD 1.9577

The interbank range this week has been:    AUDGBP 0.5081 - 0.5219    GBPAUD 1.9160- 1.9681
Tuesday 3rd Feb 4:00pm(NZT)
The Australian dollar has lost substantial ground to the UK Pound recently and the past week was no exception. The pair traded to a low of 0.5124 (high of 1.9516) heading into the weekend and although we have seen a small recovery from those AUD lows in the past 24 hours, the cross has failed to gain a foothold above the 0.5200 level (below 1.9231). Although this keeps the near term focus on the AUD downside, the reality is direction from here will be decided by the result of the RBA’s rate meeting today. A cut from the RBA will see sharp losses for the pair and a likely test of the 0.5070 support area (1.9724 resistance). If the RBA maintain their current ‘neutral’ stance a move up toward the 0.5350 level (down toward 1.8692) could easily develop. Later in the week from Australia we also get retails sales data to digest, while from the UK we have construction and service sector PMI’s along with the Bank of England rate meeting.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5195 0.5100 0.5300 0.5124 - 0.5284
GBP/AUD 1.9249 1.8868 1.9608 1.8927- 1.9518

Friday 30th Jan 2:00pm(NZT)
The Australian dollar has seen pressure this week in line with other commodity currencies. This risk of a cut from the RBA on Tuesday is also weighing on the local currency this has been a key factor in driving the cross to the GBP lower. The break below support around 0.5200 (resistance around 1.9231) last night has opened the way for a test of the next support level at 0.5070 (resistance at 1.9724). However, we are talking about levels that last traded back in 2009 and the strength of this down trend says caution is warranted. Resistance now seen around 0.5200 (support around 1.9231) should cap any near term AUD strength, with the focus firmly remaining on the downside. Tuesday’s RBA meeting is the main focus next week, although from the UK we also have PMI’s from the manufacturing, construction and service sectors along with the Bank of England rate meeting.
The current interbank midrate is:    AUDGBP 0.5161    GBPAUD 1.9376

The interbank range this week has been:    AUDGBP 0.5133 - 0.5362    GBPAUD 1.8651- 1.9480
Tuesday 27th Jan 4:30pm(NZT)
The UK Pound has continued its recovery from the selling pressure seen in the first week of the year. Positive UK data last week in the form of employment and retail sales have supported the move and helped to dive the AUDGBP cross lower. Weakness in the Australian dollar has also played a part with iron ore prices recently trading to a five year low. These factors have helped to drive the pair toward 0.5250 (1.9048) where is currently trades. There are no major signs that the current weakness has run its course, and as such the risks remain skewed to further AUD downside. A period of weakness late last year saw the pair trade to the 0.5180 (1.9305) area and that looks like a good target for the current move. Australian inflation data tomorrow will be closely watched then on Friday we get producer prices. From the UK tonight we have GDP data to draw focus which will be followed by a number of second tier released later in the week.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5245 0.5180 0.5450 0.5239 - 0.5448
GBP/AUD 1.9006 1.8349 1.9305 1.8355- 1.9089

Friday 23th Jan 2:00pm(NZT)
The UK Pound has seen periods of pressure this week thanks to the Bank of England minutes, and more recently on the back of the ECB decision, but overall it has still managed to outperform the Australian dollar. Weakness in the local currency was largely driven by a surprise rate cut from the Bank of Canada. This saw the whole block of commodity currencies come under pressure and it drove the AUD down through support around 0.5350 (up through resistance around 1.8692). Volatility in the wider market has certainly picked up and we can expect further choppy price action over the coming weeks. For now the risks are still skewed to the AUD downside, but a move as high at 0.5400 (low as 1.8519) can’t be ruled out in the current environment. The downside target is another test of 0.5200 (1.9231) but it could be some weeks before we get down there.
The current interbank midrate is:    AUDGBP 0.5350    GBPAUD 1.8692

The interbank range this week has been:    AUDGBP 0.5320 - 0.5448    GBPAUD 1.8355- 1.8796
Tuesday 20th Jan 3:30pm(NZT)
The UK pound came under heavy selling pressure in the first week of this year which helped drive the pair back up over 0.5400 (under 1.8519). Softer than expected UK data and a very heavy Euro no doubt weighed on the Pound, but the selling seemed somewhat out of proportion for those factors alone. The likely scenario is that the selling was largely flow related and the impact was exaggerated due to the thin liquidity at that time of year. The pair began to retrace back toward 0.5300 (1.8868) before the Swiss National Bank threw markets into a spin with their surprise announcement. The resulting volatility drove the pair back up over 0.5400 (under 1.8519) where it currently sits. There is resistance around 0.5450 (support at 1.8349) and while the market trades below there the risks are skewed to a pullback toward 0.5350 (1.8692). From Australia over the coming days we have consumer sentiment and inflation expectations data to digest. From the UK we get employment and wage data along with the BOE minutes on Wednesday, then on Friday we have the latest reading from retails sales.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5440 0.5350 0.5450 0.5324 - 0.5444
GBP/AUD 1.8382 1.8349 1.8692 1.8369- 1.8784

Friday 19th Dec 1:00pm(NZT)
The Australian dollar has seen further pressure from the UK Pound this week briefly trading below 0.5200 (above 1.9231) for a time. Continued volatility in commodity prices and a fall in Chinese factory activity have weighed on the AUD, while the GBP has been underpinned by some decent economic data. UK employment and wage data continues to be supportive and last night’s retail sales figures suggest the consumer is feeling very positive. As a result the AUD has underperformed and it will take a move up through 0.5250 (down through 1.9048) to alleviate the immediate downside risks. If we do see an AUD move up through that level the target will be a test of strong resistance at 0.5350 (support at 1.8692). I expect that level to cap any periods of Australian dollar relative strength over the coming weeks.
The current interbank midrate is:    AUDGBP 0.5213    GBPAUD 1.9183

The interbank range this week has been:    AUDGBP 0.5179 - 0.5279    GBPAUD 1.8944- 1.9310
Tuesday 16th Dec 4:00pm(NZT)
The Australian dollar has remained under pressure against the UK Pound this past week and the pair has traded at low at 0.5218 (high 1.9164). It is possible that the market could put in a significant AUD bounce from here, as there is decent support ahead of 0.5200 (resistance 1.9230). In January of this year the pair made a low of 0.5209 (high1.9198), before staging a strong recovery and that level has been a target for this recent bout of weakness. It may well be with that target effectively achieved the market now see a correction back up to key resistance now around 0.5350 (support 1.8692). There is now no data of significance due for release in Australia until next year. From the UK however, there is still plenty to digest this week. Tonight we get the bank stress test results along with inflation data. The on Wednesday we have employment numbers and on Thursday we get retail sales.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5255 0.5200 0.5350 0.5218 - 0.5329
GBP/AUD 1.9029 1.8692 1.9231 1.8764- 1.9163

Thursday 11th Dec 4:00pm(NZT)
The Australian dollar remained under pressure from the UK Pound in the early stages of this week. Disappointing readings from Australian business confidence and consumer sentiment help the pair trade down to a low of 0.5257 (high of 1.9022). Since then we have seen something of a consolidation in the cross and it’s hard to say whether short term low has been put in place at 0.5257 (1.9022), or whether we will see further weakness. Today’s better than expected employment data has certainly helped the Australian dollar, although the pair really needs to recover back above 0.5350 (below 1.8692) to take further downside risk off the table. From Australia next week we have the RBA minutes along with the Mid-Year Economic and Fiscal Outlook from the Treasury to digest. While from the UK we get inflation, the BOE minutes, employment and retails sales data.
The current interbank midrate is:    AUDGBP 0.5305    GBPAUD 1.8850

The interbank range this week has been:    AUDGBP 0.5257 - 0.5367    GBPAUD 1.8632- 1.9022
Tuesday 9th Dec 3:30pm(NZT)
The Australian dollar has continued to lose ground to the UK Pound this past week, driven lower by poor GDP data and increased expectations of rate cuts by the RBA in 2015. Supportive data from the UK showing the manufacturing, construction and service sectors of the economy continue to expand at a healthy pace have also helped the GBP make gains of late. The pair has managed to break below support around 0.5350 (resistance around 1.8692) and now trades just below 0.5300 (above 1.8868). The January 2014 low of 0.5209 (high of 1.9198) looks like a reasonable target at this stage with little indication that the downside momentum is waning. We have UK manufacturing production data tonight to digest, along with the trade balance and an estimate of GDP on Wednesday. While from Australia we have consumer confidence and employment data set for release.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5280 0.5209 0.5350 0.5296 - 0.5431
GBP/AUD 1.8939 1.8692 1.9198 1.8412- 1.8881

Thursday 4th Dec 3:30pm(NZT)
The Australian dollar has seen relentless pressure from the UK Pound this week and in the past few hours the pair has tested the now familiar support level of 0.5350 (resistance 1.8690). The AUD has suffered recently on the back of falling commodity prices and yesterday’s shockingly weak GDP data only added to the negative sentiment. On the UK side of the equation the GBP has seen increased demand thanks to data showing the manufacturing, construction and service sectors continue to expand at a very healthy rate. So far support around 0.5350 (resistance 1.8690) has contained the weakness and the Australian dollar has gained some respite from the just released retail sales numbers that came in better than expected. Whether this data will be enough to lift the pair back toward 0.5400 remains to be seen. If we do see a break below 0.5350 (above 1.8690) the pair will target 0.5300 (1.8870) ahead of the 2014 low of 0.5209 (1.9200). From Australia next week we have business confidence, consumer sentiment, inflation expectations and employment change. While from the UK we have the Bank of England rate meeting tonight, which will be followed next week by manufacturing production, industrial production and the trade balance.
The current interbank midrate is:    AUDGBP 0.5355    GBPAUD 1.8674

The interbank range this week has been:    AUDGBP 0.5347 - 0.5457    GBPAUD 1.8702- 1.8325
Tuesday 2nd Dec 1:30pm(NZT)
The past week has seen this pair testing the downside driven in large part by weakness in the Australian dollar. The AUD has been weighed on by declining commodity prices and this has seen the pair trade down toward 0.5390 (up toward 1.8553) on a number of occasions. The pair has failed however, to test the more significant 0.5350 (1.8692) level, although that could still come as the risks remain skewed toward further weakness. Today’s release of Australian building consents data will be followed by the RBA rate statement and then later in the week we have GDP and retail sales numbers to digest. These releases, in conjunction with UK construction and service sector PMI’s, will likely determine the near term direction for the pair.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5392 0.5350 0.5520 0.5388 - 0.5491
GBP/AUD 1.8546 1.8116 1.8692 1.8213- 1.8560

Friday 28th Nov 1:00pm(NZT)
The Australian dollar has lost significant ground to the UK Pound this week with the pair briefly trading below 0.5400 (above 1.8519) early yesterday morning. The UK Pound has seen some improved demand on the back of BOE Governor Carney’s insistence that they will push on with rate hikes despite the Euro area gloom. But the majority of this week’s move has been as a result of Australian dollar weakness. Declining iron ore prices, which hit a five year low, have weighed along with negative comments from the RBA’s Deputy Governor who suggested rate cuts weren’t off the table. Key support for the pair comes in around 0.5350 (resistance at 1.8692) and move toward there looks likely at this stage. From Australia next week there is plenty to digest with GDP, the RBA rate meeting, building approvals, retails sales and the trade balance all set for release. While from the UK we have PMI’s from the manufacturing, service and construction sectors to digest along with the Bank of England rate meeting.
The current interbank midrate is:    AUDGBP 0.5420    GBPAUD 1.8450

The interbank range this week has been:    AUDGBP 0.5388 - 0.5563    GBPAUD 1.7977- 1.8560
Tuesday 25th Nov 3:30pm(NZT)
It has been a choppy past week for this pair with some significant swings in price action. The cross bounced from 0.5480 (1.8248) late last week, helped by news out of China of a surprise rate cut. This boosted the Australian dollar somewhat and helped the cross trade all the way back up to 0.5561 (down to 1.7982). In the UK the week’s by-election that was won by the UKIP caused some ripples and kept the GBP under pressure in the early stages of this week. We have however, seen a pullback in the pair in the past 12 hours driven by Australian dollar weakness in the wake of news that BHP Billiton will dramatically cut back on spending and investment. The cross is now back to 0.5480 (1.8248) and the risks are skewed to further AUD weakness. A sustained break below 0.5480 (above 1.8248) will open the way for a much broader pull back to 0.5430 (1.8416), ahead of 0.5350 (1.8692). Tomorrow from Australia we get data on construction work done data and on Thursday we have private capital expenditure figures to digest. While from the UK we have the BOE Inflation Report Hearings, the second estimate of GDP, CBI realized sales and the Nationwide House Price Index.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5480 0.5420 0.5600 0.5473 - 0.5593
GBP/AUD 1.8248 1.7857 1.8450 1.7879- 1.8270

Friday 21st Nov 1:30pm(NZT)
It seems the Australian dollar's recent period of strength against the UK Pound may have finally run its course. Late last week the pair broke above resistance around 0.5520 (support 1.8120) and quickly rallied all the way to 0.5600 (1.7860). That level capped the AUD gains however, and this week we have seen a sharp pullback which has taken the market back below the 0.5520 (1.8120) level. The pullback was driven on two fronts. Firstly the AUD was weighed on by a speech from RBA Governor Stevens that suggested monetary policy could be on hold of a very long time due to the subdued nature of wage and jobs growth. And secondly the UK Pound has gained some support from the BOE minutes that were less ‘dovish’ than many expected, as well as from better than forecast inflation and retail sales data. As long as the market remains below 0.5520 (above 1.8120) the risks are skewed to further AUD weakness. Any move back through that level however, would bring that forecast into doubt and likely see the market head back toward 0.5600 (1.7860). Next week from Australia we have private capital expenditure data and the Treasuries mid-year fiscal outlook to digest. While from the UK we have the second estimate of GDP, business investment and CBI realized sales to draw focus.
The current interbank midrate is:    AUDGBP 0.5498    GBPAUD 1.8188

The interbank range this week has been:    AUDGBP 0.5473 - 0.5599    GBPAUD 1.7861- 1.8270
Tuesday 18th Nov 3:00pm(NZT)
This pair broke above the top of its recent range at 0.5520 (below support at 1.8115) last week and quickly moved through to 0.5600 (1.7860). The move was largely on the back of further weakness in the UK Pound. The GBP has remained under pressure ever since Wednesday’s Bank of England inflation report. There is plenty of resistance just over 0.5600 (support 1.7860) and I expect this to provide a tough barrier to further AUD gains. After a relatively strong run from a low of 0.5360 (1.8660 highs) just two weeks ago, the AUD momentum should now be starting to wane and a pull back to 0.5520 (rally to 1.8115), now seems likely. The only other release of note from Australia this week will be a speech from RBA Governor Steven’s tonight. While from the UK this week we have the BOE minutes and retail sales data to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5570 0.5420 0.5600 0.5424 - 0.5599
GBP/AUD 1.7953 1.7857 1.8450 1.7861- 1.8437

Friday 14th Nov 1:30pm(NZT)
It was only just over a week ago that this pair was trading around 0.5360 (1.8650). Since then however, we have seen strong AUD gains driven to two fronts. Firstly, we have seen some Australian dollar strength thanks to solid business conditions data and news of a free trade deal with China. But more importantly, we have seen the UK Pound come under some intense selling pressure in the wake of the Bank of England’s inflation report. With the central bank slashing inflation forecasts, there is now little reason for them to hike rates until late next year and this has weighed on the GBP. In the past 24 hours the cross has managed to sustain a break above resistance around 0.5520 (support 1.8115), which had contained the pair for the past eight weeks or so. Although momentum indicators are starting to wane, a further push higher toward 0.5600 (1.7850) cannot be ruled out. It is unlikely this move is the start of a broader trend, and AUD selling into strength is therefore recommended for an eventual pullback below 0.5500 (above 1.8180) over the coming weeks. The focus in Australia now turns to the RBA's minutes set for release on Tuesday, just ahead of the Treasuries mid-year economic and fiscal outlook. While from the UK next week we have the latest reading of inflation along with the BOE minutes and retails sales data to digest.
The current interbank midrate is:    AUDGBP 0.5545    GBPAUD 1.8034

The interbank range this week has been:    AUDGBP 0.5398 - 0.5560    GBPAUD 1.7986- 1.8527
Tuesday 11th Nov 2:00pm(NZT)
The Australian dollar was under pressure across the board for much of last week and as a result this pair traded down toward recent AUD cycle lows near 0.5350 (highs 1.8692). We have seen a significant recovery from those lows, helped by some relative AUD outperformance in the wake of the US employment numbers on Friday night. The pair is now back within the more familiar 0.5420 to 0.5520 (1.8115 - 1.8450) range and I expect this to dominate price action over the course of the coming week. Still to come this week from Australia we have business confidence, consumer sentiment, the wage price index and inflation expectations. While from the UK this week, we have claimant count change (unemployment claims) and average cash earnings data to digest ahead of the BOE’s inflation report on Wednesday.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5440 0.5350 0.5520 0.5361 - 0.5473
GBP/AUD 1.8382 1.8116 1.8692 1.8273- 1.8652

Friday 7th Nov 1:30pm(NZT)
The Australian dollar has significantly underperformed the UK Pound this week weighed on by softer than expected Chinese data and a surprise downward revision to prior employment numbers from the Australian Bureau of Statistics. Better than expected results from retail sales and October employment change have provided some periods of relative AUD outperformance, but overall the AUD on this cross has remained under pressure. The pair broke below minor support around 0.5420 (resistance 1.8450) and tested down toward recent cycle lows at 0.5350 (highs at 1.8690), which have managed to contain the AUD weakness for now. Buying into AUD weakness is favoured with the pair expected to continue to remain broadly range bound over the coming weeks. We can expect further volatility tonight with key US employment data set for release. Next week from Australia we have business confidence and consumer sentiment data to digest along with the wage price index, and inflation expectations. From the UK we get average cash earnings, the claimant count change, the Bank of England inflation report and a speech from Governor Carney.
The current interbank midrate is:    AUDGBP 0.5404    GBPAUD 1.8505

The interbank range this week has been:    AUDGBP 0.5361 - 0.5528    GBPAUD 1.8088- 1.8652
Tuesday 4th Nov 2:30pm(NZT)
The Australian dollar remains largely range bound against the UK Pound between the parameters of 0.5420 and 0.5520 (1.8450 and 1.8116). The  AUD top of that range was tested late last week, but held firm and we have seen a sharp decline since then thanks to some recent data releases. Weaker than expected Chinese manufacturing data weighed on the AUD in early trade on Monday, and poor Australian building consents data further pressured the local currency. Add to this the better than forecast result from UK manufacturing data last night and the pair is now close to testing the bottom end of the recent range. Direction from here will largely depend on the result of key releases from both countries over the coming days. From Australia remaining today we have the RBA rate statement to digest. Then on Thursday we have employment change data to draw focus. While from the UK this week we have construction and service sector PMI’s, along with manufacturing production data and the BOE rate meeting. Any break below 0.5420 (above 1.8450) will open the way for a test of cycle lows around 0.5350 (highs around 1.8692).
  Current Level Support Resistance Last week's range
AUD/GBP 0.5428 0.5420 0.5520 0.5433 - 0.5528
GBP/AUD 1.8420 1.8116 1.8450 1.8088- 1.8405

Thursday 30th Oct 3:30PM (NZT)
The Australian dollar saw solid appreciation against the UK Pound in the early stages of this week thanks to recent patchy data from the UK. The pair traded up to 0.5520 (down to 1.8116) last night, however we have seen a sharp turnaround since then. The driver of this pullback was the Federal Reserve rate statement out of the US early this morning. A more positive tone from the Fed caused a wave of USD buying and the AUD dramatically underperformed the GBP during this move. As such the pair has fallen to a low so far of 0.5475 (high of 1.8265) and we could easily see some further in the near term. For much of the past month price action has ranged between the broad parameters of 0.5400 and 0.5500 (1.8519 and 1.8182) and the sharp rejection from levels above 0.5500 (below 1.8182) last night suggest further ranging is likely. Next week is a big one from Australia with building approvals, retail sales, the trade balance and employment change all set for release along with the latest Reserve Bank of Australia rate statement. While from the UK we have manufacturing, construction and service PMI’s set for release along with the Bank of England (BOE) rate meeting.
The current interbank midrate is:    AUDGBP 0.5490    GBPAUD 1.8215

The interbank range this week has been:    AUDGBP 0.5441 - 0.5520    GBPAUD 1.8115 - 1.8379
Tuesday 28th Oct 2:30pm(NZT)
A range of 0.5400 to 0.5500 (1.8519 to 1.8182) has contained the majority of price action for this pair since early October. With no overall direction and the market currently trading near the middle of that range it looks like we are in for more of the same over the course of this week. This outlook is reinforced by the largely second tier economic releases out in both countries this week. From Australia we have import prices and producer prices, while from the UK we get net lending to individuals, mortgage approvals and the house price index along with a number of speeches from BOE officials.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5465 0.5350 0.5500 0.5427 - 0.5496
GBP/AUD 1.8298 1.8182 1.8692 1.8194 - 1.8425

Thursday 23th Oct 3:30PM (NZT)
For much of this week the Australian dollar traded a quiet range around 0.5450 (1.8350) against the UK Pound. That changed last night however, in the wake of the Bank of England minutes that raised speculation the BOE will remain on hold for a longer period of time. This pressured the GBP and as such the cross to the AUD jumped up toward 0.5490 (down to 1.8215). Since then we have seen an AUD pullback from the overnight highs on the back of some relative weakness in the Australian dollar with the pair now trading back around 0.5450 (1.8350). Direction from here will largely depend on UK data tonight and tomorrow in the form of retail sales and GDP. There is plenty of room for the UK Pound to react positively should these data releases come in at, or above expectation. Next week we get the Australian Treasury’s mid-year economic and fiscal outlook, along with import prices and producer prices. While from the UK we have mostly second tier data to digest with CBI realized sales, the Nationwide house price index and net lending to individuals the main focus.
The current interbank midrate is:    AUDGBP 0.5460    GBPAUD 1.8315

The interbank range this week has been:    AUDGBP 0.5427 - 0.5507    GBPAUD 1.8158 - 1.8427
Monday 20th Oct 3:30PM (NZT)
The Australian dollar made gains against the UK Pound last week briefly trading up over 0.5500 (under 1.8182), before correction to the more comfortable 0.5450 (1.8349) level. The GBP was weighed on by much softer than forecast inflation data and increased concerns over growth in the Eurozone. Toward the end of the week however, the GBP found some support from a further decline in the level of UK unemployment. This week sees plenty of top tier economic releases from the UK starting with the BOE minutes on Wednesday. This will be followed by retail sales and GDP later in the week. From Australia this week we have the RBA minutes, inflation and a speech from Governor Stevens to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5455 0.5300 0.5500 0.5410 - 0.5521
GBP/AUD 1.8332 1.8182 1.8692 1.8112 - 1.8485

Friday 17th Oct 2:30PM (NZT)
The UK Pound has seen a significant amount of pressure this week thanks in large part to some much weaker than expected inflation data. Add to that a wild night of trading on Wednesday as stocks and long term interest rates saw dramatic volatility and the AUD managed to outperform and push the pair through resistance at 0.5500 (support 1.8180). However, the pair could not sustain the move and in the past 36 hours we have seen a decent pullback to the more comfortable 0.5440 area (rally to 1.8380). Another test toward 0.5500 (1.8180) can’t be ruled out in the near term, however I still expect this level to provide tough  AUD resistance and selling Australian dollars into strength is recommended. Next week from Australia we get the minutes from the last RBA meeting, inflation data, and the Treasury’s mid-year economic and fiscal outlook.
The current interbank midrate is:    AUDGBP 0.5455    GBPAUD 1.8332

The interbank range this week has been:    AUDGBP 0.5379 - 0.5521    GBPAUD 1.8112 - 1.8589
Tuesday 14th Oct 2:30PM (NZT)
The Australian dollar had a crack at the 0.5500 resistance level (1.8182 support) to the UK Pound late last week. It was however, firmly rejected from there and the pair quickly traded all the way back down to a low of 0.5379 (high of 1.8591). The UK Pound has struggled to get much support from data recently and comments from Governor Carney overnight have suggested he is in no hurry to raise rates. These ‘dovish’ comments combined with better than forecasted Chinese trade data yesterday to help the pair bounce from the lows and it now trades around 0.5450 (1.8349). Look for 0.5500 (1.8182) to continue to provide tough AUD resistance on the topside and selling ahead of that level is recommended. Still to come this week from Australia we have business confidence, consumer sentiment, inflation expectations and a speech from RBA Assistant Governor Debelle. While from the UK we have the latest reading of inflation and employment numbers to draw focus.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5445 0.5350 0.5500 0.5379 - 0.5494
GBP/AUD 1.8365 1.8182 1.8692 1.8202 - 1.8589

Friday 10th Oct 2:30PM (NZT)
The Australian dollar continued its recovery against the UK Pound this week, albeit at a very gradual pace. Both countries have seen some weaker than expected economic data this week and broader moves in the value of the USD have also played a part in adding volatility to the pair. The cross trade up toward resistance at 0.5500 (support at 1.8182) last night, but it was quickly rejected from that level and now trades somewhat heavily around 0.5435 (1.8400). I expect 0.5500 (1.8182) to continue to provide a tough barrier on the topside and selling ahead of that level is recommended for those looking to purchase GBP. Key support on the downside comes in at 0.5350 (resistance at 1.8692) and we could easily see another test toward there over the coming weeks. Next week from Australia we have business confidence, consumer sentiment and inflation expectations to draw focus. While from the UK we have key inflation and employment data to digest.
The current interbank midrate is:    AUDGBP 0.5435    GBPAUD 1.8403

The interbank range this week has been:    AUDGBP 0.5418 - 0.5494    GBPAUD 1.8202 - 1.8457
Tuesday 7th Oct 2:30PM (NZT)
The past week has seen the Australian dollar stage something of a recovery against the UK Pound from the low of 0.5352 (high of 1.8685) set last Wednesday. Largely disappointing data from the UK has failed to support the GBP, while the Australian dollar saw good gains late last week, helped by better than forecast building consents data. There is potential for further gains toward the 0.5500 (1.8182) level, although the market is currently awaiting the release of this afternoons RBA rate statement before deciding on which direction to take the pair. This week from Australia we also have key employment data to digest, while from the UK the Bank of England also hold their monetary policy meeting on Thursday. Ahead of that release we get manufacturing production data and the BOE credit conditions survey to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5455 0.5350 0.5500 0.5352 - 0.5468
GBP/AUD 1.8332 1.8182 1.8692 1.8289 - 1.8684

Friday 3rd Oct 3:30PM (NZT)
The Australian dollar spent the first half of the week testing support around the 0.5340 (resistance around 1.8727) level but it held firm on a number of occasions. Data from the UK this week has mostly come in on the soft side and this saw demand for UK Pounds start to dry up. Then yesterday the AUD made good gains as a short squeeze triggered a rash of stop-loss buy orders. Better than forecast building consents certainly helped the AUD but the move was as much about market positioning as anything else. The pair has now managed to overcome resistance at 0.5440 (support at 1.8382) and this leaves the way open for a move toward 0.5500 (1.8182). I would expect that level to cap this period of strength. Next week from the UK we have the Bank of England rate meeting, manufacturing production, Halifax house price index, the trade balance and the BOE credit conditions survey. While from Australia we have the RBA rate statement and employment change to draw focus.
The current interbank midrate is:    AUDGBP 0.5445    GBPAUD 1.8365

The interbank range this week has been:    AUDGBP 0.5352 - 0.5461    GBPAUD 1.8311 - 1.8684
Tuesday 30th Sept 12:00PM (NZT)
The past week has seen grinding appreciation of the UK Pound over the Australian dollar with the pair trading down to a low so far of 0.5355 (high of 1.8674). The risks are all still skewed to the down side with a move toward 0.5300 (1.8868) and then the 2014 low of 0.5209 (high of 1.9198) likely over the coming weeks. Bank of England Governor Carney has admitted we are getting closer to the time when interest rates in the UK will need to go up, and this week we get some key indicators of economic activity with the release of PMI’s for the manufacturing, construction, and service sectors. Some stronger than expected readings from those PMI’s might be enough to sway more members of the BOE’s monetary policy committee into the hawkish camp when they meet next week. The UK Pound should continue to appreciate as a trend in the lead up to an eventual rate hike. Over the coming days from Australia we get retail sales, building approvals and trade balance data to digest, along with the RBA’s testimony on housing market risks. Key resistance comes in around 0.5390 (support around 1.8553) and it would take a move above that level to suggest a broader correction higher is unfolding.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5370 0.5200 0.5390 0.5355 - 0.5448
GBP/AUD 1.8622 1.8553 1.9231 1.8356 - 1.8676

Friday 26th Sept 3:30PM (NZT)
The UK Pound has continued to find support in the wake of the Scottish independence ‘no’ vote and this has helped it to outperform the Australian dollar again this week. The RBA financial stability report highlighted concerns around investors in the housing market and the bank is steering toward the use of macro-prudential tools to deal with the problem. This reduces the need to potentially hike rates sooner than otherwise and as such it has weighed on the currency a touch. Although the pair is currently trading just off recent lows, and there are still plenty of downside risks, it does appear downside momentum is waning. We could easily see a corrective bounce unfold in the near term. The initial target for such a bounce would be resistance around 0.5440 (support around 1.8382). A move above there would target 0.5500 (1.8182). Selling into strength is recommended as the GBP should continue to appreciate as a trend over the coming months. Next week from Australia we have retail sales, building approvals and the trade balance to digest. While from the UK we have the trifecta of PMI’s from the manufacturing, service and construction sectors, along with the current account and the final reading of second quarter GDP.
The current interbank midrate is:    AUDGBP 0.5383    GBPAUD 1.8577

The interbank range this week has been:    AUDGBP 0.5382 - 0.5497    GBPAUD 1.8193 - 1.8579
Tuesday 23rd Sept 4:00PM (NZT)
The Australian dollar has seen relentless pressure from the UK Pound this week and currently trades close to the weeks low. The AUD did see a significant bounce on Friday afternoon driven by profit taking in the GBP as the Scottish referendum result became increasingly clear, but those gains didn’t last. Recent weakness in the AUD on the back of a negative report from Roubini Economics has again seen the pair under pressure and threatening to test 0.5400 (resistance 1.8519). For now the risk are still skewed to the AUD downside with the GBP expected to show grinding appreciation now that Scottish independence is off the table. The economic calendar is pretty light from Australia this week with the financial stability review and a speech by RBA Governor Stevens the main highlights. While from the UK we have mortgage approvals, public sector net borrowing, the house price index and CBI realized sales all set for release.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5420 0.5400 0.5600 0.5414 - 0.5599
GBP/AUD 1.8450 1.7857 1.8519 1.7861 - 1.8470

Friday 19th Sept 2:00PM (NZT)
The past week has seen the UK Pound continue its recovery against the Australian dollar and the pair is now close to key support around 0.5450 (resistance around 1.8350) . A range of polls over the past week have almost uniformly suggested that the Scots with vote to stay as part of the UK, if only by a small margin. This has helped the GBP recover a long way after bout of selling seen a couple of weeks ago. There is obviously still some real risk around this event with the outcome announced early this evening Australasian time, but assuming we don’t get any big surprises, the GBP is likely to continue to outperform the AUD. A sustained break below 0.5450 support (above 1.8350 resistance) would open the way for further AUD losses with 0.5350 (1.8692) targeted ahead of the 2014 low around 0.5200 (high around 1.9231). Next week’s economic calendar looks a little light from the UK with just mortgage approvals, public sector net borrowing, the Nationwide house price index and CBI realized sales set for release. While from Australia we have the leading index and the RBA financial stability review both out on Wednesday.
The current interbank midrate is:    AUDGBP 0.5466    GBPAUD 1.8295

The interbank range this week has been:    AUDGBP 0.5458 - 0.5603    GBPAUD 1.7848 - 1.8322
Tuesday 16th Sept 3:00PM (NZT)
The past two weeks this pair has seen a vicious spike higher in the AUD, followed by a sharp pullback. The cross is now back within the broad 0.5450 to 0.5650 range (1.8350 to 1.7700) that has dominated trading since March after touching a high of 0.5808 (low of 1.7218) just over a week ago. The sharp pull back comes on the back of weakness in the Australian dollar and a significant recovery in the UK Pound, thanks to some polls suggesting a slight majority of Scottish in favour of staying within the UK. That Scottish referendum on September 18th is still a major risk event with a very tight vote forecast. A ‘no’ vote for independence should see the GBP appreciate a touch, where as a ‘yes’ vote will see a big fall in the value of the GBP. There is plenty other UK data out this week, however it will all take a backseat to the referendum.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5570 0.5450 0.5650 0.5532 - 0.5768
GBP/AUD 1.7953 1.7700 1.8350 1.7338 - 1.8075

Friday 12th Sept 2:00PM (NZT)
This pair has seen some substantial moves over the past couple of weeks. A combination of Australian dollar outperformance and UK Pound weakness drove the pair to its 0.5808 high (1.7218 low) seen on Monday. That GBP weakness came on the back of a surprise poll result last weekend showing a slim majority in favour of Scottish independence. But since then subsequent polls have suggested no change is likely and this has helped the GBP recover much of its lost ground. At the same time the AUD seems to have finally caught up to other currencies and succumbed to USD strength. These two factors have seen the cross collapse from 0.5808 (1.7218)  to where it currently trades at 0.5594 (1.7876). There is minor support around this 0.5600 (resistance 1.7857) area, with a move below here opening the way for a fall to 0.5550 and then 0.5500. (1.8018 and then 1.8182). Key for near term direction will be the outcome of the referendum on September 18th. A head of that from the UK we get inflation, employment and retail sales data, along with Bank of England (BOE) rate meeting. From Australia next week the focus turns to the RBA minutes on Tuesday.
The current interbank midrate is:    AUDGBP 0.5596    GBPAUD 1.7870

The interbank range this week has been:    AUDGBP 0.5595 - 0.5808    GBPAUD 1.7218 - 1.7872
Tuesday 9th Sept 2:00PM (NZT)
The Australian dollar appreciated nearly 4% against the UK Pound over the course of the past week. The move was driven on two fronts. Firstly was AUD strength, with the local currency once again one of the best performers across the board thanks in part to improving economic data. But GBP weakness also played a big part in the AUD outperformance. We have seen broad market pressure on the GBP recently thanks to nervousness around the upcoming Scottish independence referendum. The GBP has been struggling in the lead up to that vote and the most recent poll released on the weekend caught many by surprise. A ‘yes’ vote for independence would be a big negative for the GBP and with that latest poll showing a slim majority in favor of independence, the GBP was sold heavily in early morning trade yesterday. This drove the cross to the AUD up to 0.5808 (down to 1.7220), before a small correction ensued. The risks remain skewed to the topside however, as the GBP is unlikely to see any real appreciation ahead of the September 18th referendum. Economic data from the UK is also likely to take a back seat to any polls released between now and then. From Australia this week we have consumer sentiment and employment change data to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5765 0.5640 0.5840 0.5599 - 0.5808
GBP/AUD 1.7346 1.7123 1.7730 1.7218 - 1.7860

Friday 5th Sept 2:30PM (NZT)
We have seen dramatic gains in this pair over the past few days driven on two fronts. The Australian dollar has benefited from improving data and comments from RBA Governor Stevens that seems to take the chance of any further rate cuts off the table. While the UK pound on the other hand has suffered badly from uncertainty about the upcoming Scottish independence referendum. This has outweighed the largely better than expected data seen from the UK this week and a dramatic fall in the EUR last night hasn’t helped either. The pair smashed up through recent AUD highs and went straight on to test resistance around 0.5730 (support around 1.7452). So far that has capped the AUD topside and the pair may need to consolidate before it can attempt a move above there. Downside support is now seen around 0.5640 (resistance at 1.7730) and this level should contain any near term weakness. From Australia next week we have business confidence, consumer sentiment and employment change data to draw focus. While from the UK we get manufacturing production data, and the inflation report hearings, and a speech from Governor Carney.
The current interbank midrate is:    AUDGBP 0.5729    GBPAUD 1.7452

The interbank range this week has been:    AUDGBP 0.5599 - 0.5730    GBPAUD 1.7452 - 1.7860
Tuesday 2nd Sept 2:00PM (NZT)
Recent gain in this pair seemed to have taken a pause over the last week after peaking at 0.5649 (low 1.7702). Some mixed data from both countries has failed to provide the impetus for continued appreciation of the AUD, at least for now. The resulting AUD pullback however has only been minor with the cross currently trading around 0.5620 (1.7794), and this has not yet threatened the overall uptrend. The immediate focus now turns to this afternoon’s RBA rate statement and the potential for some stronger words, re the value of the AUD, from the central bank. This could trigger some near term AUD weakness and drive the pair back down below 0.5600 (above 1.7857). In such an event support around 0.5550 would beckon (resistance 1.8018). Later in the week from Australia we have GDP, retail sales and the trade balance to digest. While in the UK, along with the Bank of England (BOE) rate meeting this week we also get the construction and service sector PMI’s.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5620 0.5440 0.5640 0.5597 - 0.5649
GBP/AUD 1.7794 1.7730 1.8382 1.7702 - 1.7866

Friday 29th Aug 1:30PM (NZT)
The Australian dollar has continued to make gains against the UK Pound reaching fresh cycle highs of 0.5649 (low of 1.7702) this week. The move up through the resistance zone of 0.5600 to 0.5630 (1.7857 to 1.7762) is a positive sign, and the pair could well extend toward 0.5700 (1.7544) over the coming days. It seems unlikely we will see any dramatic increase in GBP buying in the lead up to the September 18th referendum on Scottish independence, as this provides some key event risk for the GBP. The AUD on the other hand has been a strong performer over the past couple of weeks and this is likely to continue in the lead up to next week's key economic releases. Building approvals, the RBA rate statement, GDP and retail sales are all set to hit the wires, the results of which will be the driving force for the pair in the near term.
The current interbank midrate is:    AUDGBP 0.5640    GBPAUD 1.7730

The interbank range this week has been:    AUDGBP 0.5597 - 0.5649    GBPAUD 1.7702 - 1.7866
Tuesday 26th Aug 1:30PM (NZT)
For much of last week the Australian dollar was one of the best performing currencies only losing a little ground to the USD, while all others saw much bigger declines. This helped to drive a number of AUD crosses higher and against the GBP was no exception. Softer than expected UK inflation and retail sales data didn’t help either, although the market was happy to see a split in voting at the MPC when the Bank of England minutes were released. Unfortunately for the AUD this week hasn’t started off so positively with the local currency coming under some pressure in the past 24 hours. There has been no fundamental news to drive this recent bout of AUD weakness and it may just be that resistance between 0.5600 and 0.5630 (support 1.7857 and 1.7762) is proving to tough for the pair to overcome. For a domestic Australian lead we have to wait until tomorrow to get construction work done data, and then on Thursday we get private capital expenditure figures. From the UK this week we have mostly second tier data set for release in the form of mortgage approvals, CBI realized sales, the house price index and preliminary business investment.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5602 0.5440 0.5640 0.5572 - 0.5632
GBP/AUD 1.7851 1.7730 1.8382 1.7756 - 1.7946

Friday 22nd Aug 2:00PM (NZT)
The Australian dollar has outperformed the UK Pound this week thanks in large part to soft UK data. A significant fall in UK inflation saw the GBP come under heavy pressure and this drove the pair up to 0.5600 (down to 1.7857). There is significant resistance between 0.5600 and 0.5630 (support between 1.7857 and 1.7762), which is likely to cap further AUD appreciation in the near term. If we do get a sustained break through that band the market will likely target a move up to 0.5720 (down to 1.7483). The AUD downside is protected by minor support at 0.5550 (resistance 1.8018) and then major support at 0.5440 (1.8382). Next week from Australia we only have construction work done and private capital expenditure data to digest. While from the UK we get mortgage approvals, CBI realized sales, and preliminary business investment.
The current interbank midrate is:    AUDGBP 0.5614    GBPAUD 1.7813

The interbank range this week has been:    AUDGBP 0.5563 - 0.5616    GBPAUD 1.7806 - 1.7975
Tuesday 19th Aug 4:30PM (NZT)
The Australian dollar has seen solid appreciation against the UK Pound this week. It has been helped by gains in business confidence, consumer sentiment and house price data. The sharpest move came in the wake of the Bank of England (BOE) inflation report and comments from Governor Carney around the lack of wage growth. This caused a wave of selling to hit the GBP and even though a weekend article has countered those comments to a degree, the AUD has maintained most of its gains against the GBP. The cross could easily have a look up over 0.5600 (under 1.7857), although there is a lot of resistance between that level and 0.5640 (1.7730). I would expect a short term top to be put in place somewhere between those two levels. Selling above 0.5600 (buying below 1.7857) is there for recommended for those looking to purchase GBP with Australian dollars. The focus now turns to UK data in the form of inflation, the BOE minutes and retail sales figures.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5585 0.5440 0.5640 0.5510 - 0.5594
GBP/AUD 1.7905 1.7730 1.8382 1.7878 - 1.8149

Friday 15th Aug 3:55PM (NZT)
This pairing has traded a very tight range for the most part this week. Most of the range came from the hours following the BOE inflation report and the associated comments from Governor Carney. Expect the recent .5500 - .5600 (1.7860 - 1.8180) range to continue in the short term. The focus next week will certainly be based around the respective central bank meeting minutes, with the vote split at the BOE garnering particular attention. The buying of GBP at or around the current levels will likely prove to have offered good value over time.
The current interbank midrate is:    AUDGBP .5586    GBPAUD 1.7901

The interbank range this week has been:    AUDGBP .5798 - .5588    GBPAUD 1.7996 - 1.8188
Tuesday 12th Aug 2:00PM (NZT)
The last few months have seen this pair carve out a now well defined trading range between the broad parameters of 0.5450 and 0.5600 (1.8349 and 1.7857). That range has narrowed even further over the past couple of weeks to between 0.5500 and 0.5560 (1.8182 and 1.7986). Last Thursday’s poor reading of Australian employment saw both extremes of that tighter range trade within a few hours of each other, but support at 0.5500 (resistance at 1.8182) held firm and the cross has now moderated back to the middle of the band. It is now up to data releases over the course of the week to see if the pair can find any real direction. To that extent from Australia this week we get consumer sentiment, the wage price index, and inflation expectations. While from the UK we have the BOE inflation report and the second estimate of GDP.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5514 0.5440 0.5640 0.5497 - 0.5558
GBP/AUD 1.8136 1.7730 1.8382 1.7993 - 1.8192

Friday 8th Aug 2:30PM (NZT)
The past week has seen some wild swings in this pair between 0.5500 on the AUD downside and 0.5560 on the topside (1.8182 and 1.7986). Both currencies have seen periods of pressure, however the most dramatic move came after yesterday’s much weaker than expected Australian employment data. This saw the pair fall from 0.5550 to 0.5500 (1.8018 to 1.8182) in a short span of time and we have yet to see a meaningful recovery. This keeps the focus on the downside for the AUD, however there is a fair amount of support around 0.5500 (resistance around 1.8182) and this needs to broken before we can see further losses toward 0.5440 (1.8382). Next week from Australia we have business confidence, consumer sentiment, the wage price index and inflation expectations. While from the UK we get the BOE inflation report, employment data and the second estimate of GDP.
The current interbank midrate is:    AUDGBP 0.5514    GBPAUD 1.8134

The interbank range this week has been:    AUDGBP 0.5497 - 0.5558    GBPAUD 1.7993 - 1.8192
Tuesday 5th Aug 1:30PM (NZT)
This pair traded down to 0.5500 (up to 1.8182) in the middle of last week as the Australian dollar under performed in the wake of better US GDP data. That level managed to contain the Australian dollar downside and on Friday night we saw a sharp recovery back toward 0.5540 (1.8051) where the pair seems more comfortable trading. The bounce was driven on two fronts. A stronger Australian dollar combined with some weakness in the GBP after softer than forecast UK manufacturing PMI data was released. Direction from here will be determined by a number of key events over the next few days. First up we have the RBA rate statement later this afternoon, then on Thursday evening it’s the Bank of England’s turn to review policy settings. Other data to watch out for this week includes Australian employment change and UK service sector PMI. The range of 0.5440 to 0.5640 (1.8382 to 1.7730) has contained price action since mid-March and I expect that to continue over the coming weeks.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5530 0.5440 0.5640 0.5499 - 0.5546
GBP/AUD 1.8083 1.7730 1.8382 1.8030 - 1.8186

Friday 1st Aug 1:50PM (NZT)
This only notable price action in this pair over the course of the week came in the early hours of Thursday morning after much stronger than expected US GDP hit the wires. The Australian dollar underperformed in the wake of that release and as such the cross to the UK Pound fell from 0.5535 down to 0.5505 (1.8067 up to 1.8165) where it currently trades. With little data from either country having a material impact on the market trading has been relatively quiet apart from that one period. There is some support around 0.5500 (resistance around 1.8182), but any move below there will target 0.5450 (1.8349). Tonight from the UK we do get some data that could influence prices with manufacturing PMI set for release. This will be followed next week with PMI’s from the construction and service sectors along with the BOE rate meeting and manufacturing production data. There is also plenty from Australia next week to draw focus. Retail sales, the RBA rate statement and employment data are all set for release.
The current interbank midrate is:    AUDGBP 0.5510    GBPAUD 1.8149

The interbank range this week has been:    AUDGBP 0.5502 - 0.5547    GBPAUD 1.8027 - 1.8176
Tuesday 29th July 1:30PM (NZT)
The Australian dollar snapped higher last week driven by slightly stronger than expected inflation data. This combined with a UK Pound that was under pressure to see the cross trade up over 0.5550 (under 1.8018). There wasn’t any really negative data out of the UK last week, but what was released also failed to spark further buying and as such the Pound drifted lower. With the pair now holding comfortably above the 0.5500 support (below 1.8182 resistance) level, the risks are skewed to further AUD gains. Only a move below 0.5500 (above 1.8182) would change that outlook. The Australian dollar upside target is a test of resistance just above 0.5600 (just below 1.7857). This week from Australia we get building approvals and producer prices data to digest, while from the UK we get net lending to individuals, the Nationwide house price index and manufacturing PMI.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5540 0.5450 0.5650 0.5483 - 0.5559
GBP/AUD 1.8051 1.7699 1.8349 1.7989 - 1.8238

Friday 25th July 4:0PM (NZT)
It has been a positive week for the AUD with the dual drivers of Australian dollar strength and UK Pound weakness seeing gains toward 0.5550 (1.8018) accomplished. The AUD benefited from solid inflation data and an improved reading on Chinese manufacturing. While the GBP came under some pressure on the back of the BOE minutes and softer than forecast retail sales data. For the time being the risks are still skewed to the AUD upside and a move towards resistance just over 0.5600 (support under 1.7857) could easily eventuate. Support comes in around 0.5500 (resistance at 1.8182) and it will take a move below there to turn the outlook negative. Next week from Australia we have new home sales, building approvals, import prices and producer prices. While in the UK the focus turns to house price data and manufacturing PMI.
The current interbank midrate is:    AUDGBP 0.5543    GBPAUD 1.8041

The interbank range this week has been:    AUDGBP 0.5462 - 0.5559    GBPAUD 1.7989 - 1.8307
Tuesday 22th July 2:30PM (NZT)
Although this pair is currently trading close to where is was this time last week, we have seen some volatility on the back of changes in the value of the UK Pound. Last Tuesday’s UK inflation data saw demand for the GBP increase and as such the cross to the AUD came under pressure. The pair traded a 0.5446 low (1.8362 high) before poor UK wage growth data helped turn the tide around. Since then the GBP has been slowly giving back much of the gains made against the AUD. On the topside, the 0.5500 (1.8182) area continues to provide resistance and while below there the risk of further dips remains. We do get Australian inflation data tomorrow which could easily influence while from the UK this week we get the BOE minutes, retail sales, GDP and a speech from Governor Carney.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5490 0.5450 0.5650 0.5446 - 0.5508
GBP/AUD 1.8215 1.7699 1.8349 1.8157 - 1.8361

Friday 18th July 4:00PM (NZT)
Some early strength in this pair to just over 0.5500 (under 1.8182) was quickly reversed on Tuesday night after the UK Pound gained ground in the wake of much stronger than forecast inflation data. The 1.9% result is only just below the Bank of England’s (BOE) 2% target and if maintained could well see rate hike expectations brought forward to late this year. The UK also produced solid employment data this week, although the lack of wages growth is a concern, especially considering the backdrop of increasing inflation. Australian releases haven’t had a big impact this week, however the local currency has seen some pressure in the past 12 hours as ‘risk off’ sentiment hit the market in the wake of the Malaysian Airlines tragedy. Taking a look at the bigger picture there is a small downside bias with the market eaking out lower lows and lower highs since early Aprils peak. Expect 0.5500 (1.8182) to continue to cap the topside and further investigations below 0.5450 (above 1.8349) likely. From Australia next week we have inflation data and a couple of speakers, while from the UK we have the BOE minutes along with retail sales and GDP.
The current interbank midrate is:    AUDGBP .5475    GBPAUD 1.8265

The interbank range this week has been:    AUDGBP .5445 - .5503    GBPAUD 1.8172 - 1.8361
Tuesday 15th July 1:05PM (NZT)
There hasn’t been a lot of direction in this pair over the past week although we are currently trading close to the highest AUD levels since early July. The cross has been driven here on the back some minor GBP weakness seen at the end of last week. This came after softer than forecast data finally weighed on the GBP to a degree. Minor resistance around 0.5500 (support around 1.8182) has so far contained the strength, but any move above there will open the way for a test of 0.5540 (1.8051). The immediate focus now turns to the RBA minutes set for release this afternoon. These will be followed by UK inflation tonight, and employment on Thursday.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5496 0.5450 0.5650 0.5467 - 0.5503
GBP/AUD 1.8195 1.7699 1.8349 1.8172 - 1.8292

Friday 11th July 1:30PM (NZT)
The Australian dollar gained some ground on the UK Pound in the early stages of the week helped by improving business confidence. The pair was capped however at the 0.5500 (1.8182) level which contained strength on a number occasions and after yesterday’s Australian employment data proved a little disappointing, we saw a small retracement. The UK Pound itself has largely ignored some slightly softer than expected data this week as none of it has materially altered the current positive economic outlook. While resistance at 0.5500 caps the topside the risk is there for a deeper correction. Next week from Australia we have the RBA minutes and business confidence data to digest. While from the UK the focus turns to the key releases of inflation and employment.
The current interbank midrate is:    AUDGBP 0.5480    GBPAUD 1.8248

The interbank range this week has been:    AUDGBP 0.5447 - 0.5501    GBPAUD 1.8178 - 1.8358
Tuesday 8th July 2:45PM (NZT)
The Australian dollar struggled last week on the back of poor trade balance data and soft retail sales. Comments from the RBA Governor also weighed and as a result the cross to the UK Pound traded down to a low of 0.5443 (1.8372). We have seen a small recovery off those lows but the long weekend in the US has made for a quiet few trading sessions globally. The GBP continues to find support from the ongoing economic recovery and data this week is expected to reinforce that. The Bank of England meets on Thursday although that shouldn’t hold any surprises. From Australia we have consumer sentiment and employment change to draw focus. The latter will likely set the tone for the pair heading into the weekend. While the market trades below minor resistance around 0.5500, the risks are skewed to further downside price action.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5475 0.5450 0.5650 0.5443 - 0.5539
GBP/AUD 1.8265 1.7699 1.8349 1.8054 - 1.8372

Friday 4th July 12:30PM (NZT)
The Australian dollar has been completely outperformed by the UK Pound this week which has resulted in a near 100 point fall from the weeks highs. Solid data from the UK has continued to underpin GBP gains and this has contrasted with Australian releases that have mostly disappointed. Wednesday’s shocking Australian trade balance data started the slide for the AUD and it was compounded yesterday by soft retail sales figures and comments from RBA Governor Stevens. The AUD downside still looks the more vulnerable although, there is some minor support around the current 0.5445 (1.8365 resistance) level. A move below there should open the way from a test of 0.5380 (up to 1.8590). Next week to draw focus from the UK we have manufacturing production and the Bank of England monetary policy meeting. While from Australia business confidence and employment data will be keenly watched.
The current interbank midrate is:    AUDGBP 0.5451    GBPAUD 1.8345

The interbank range this week has been:    AUDGBP 0.5443 - 0.5541    GBPAUD 1.8046 - 1.8372
Tuesday 1st July 2:15PM (NZT)
With little in the way of surprising economic news in either economy of late, this pairing remains contained by the tight recent range. The pair looks to be fairly priced as the RBA monetary policy announcement approaches later today. From there the Australian focus moves to the trade balance on Wednesday, and retail sales and building approvals numbers on Thursday. In the UK the latest manufacturing, construction and services numbers provide the focus. This week it is reasonable to expect the pair to be contained by the .5450 - .5650 (1.7700 - 1.8350) range that has been in place since mid March. However, increasingly the GBP looks to be building ascendency and it seems likely that over the time the current levels will prove to have offered good value buying of GBP with AUD.
  Current Level Support Resistance Last week's range
AUD/GBP .5510 .5450 .5650 .5506 - .5542
GBP/AUD 1.8149 1.7700 1.8350 1.8044 - 1.8161

Friday 27th June 2:00PM (NZT) - Update
This pair continues to see somewhat moribund price action in the absence of any market moving economic data from either economy. The focus is firmly on news due for release next week. The RBA monetary policy announcement on Tuesday heads the bill, albeit no change in policy or bias is expected. UK manufacturing on Tuesday comes ahead of construction numbers wednesday and Australian retail sales and building approval numbers Thursday. Expect the contained price action to continue into the short term at least.
The current interbank midrate is:    AUDGBP .5533    GBPAUD 1.8073

The interbank range this week has been:    AUDGBP .5506 - .5550    GBPAUD 1.8018 - 1.8161
Tuesday 24th June 2:43PM (NZT)
This pair has really seen some volatility in the last week, albeit within a relatively contained trading band. These moves have been driven by both currencies seeing periods of increased demand. The contained price action that has been seen over the last three weeks could continue for some time yet. The focus for the remainder of this week comes almost entirely from developments in the UK, in the absence of material Australian economic news. Comments from BOE Governor Carney later today and then again on Thursday will draw special attention. Add to that the latest housing, retail sales and final GDP numbers, and there is room for further action in this pair. The current trading range looks to offer pretty fair value for this pair in the current environment.
  Current Level Support Resistance Last week's range
AUD/GBP .5536 .5450 .5650 .5495 - .5550
GBP/AUD 1.8063 1.7700 1.8350 1.8018 - 1.8198

Friday 20th June 2:00PM (NZT) - Update
For the most part this week the GBP has seen grinding appreciation over the Australian dollar. The AUD support around the .5500 (resistance 1.8180) level has contained the pressure for the time being, but it certainly remained the vulnerable side of the range for the time being at least. From a macro perspective, it seems likely the BOE will initiate a hiking cycle ahead of the RBA, so expect latent demand for the GBP to permeate throughout the remainder of 2014 and beyond. In the absence of any material Australian economic news due next week, the focus turns to the UK releases. House prices, CBI retail sales and the final GDP numbers will all be of attention, as will BOE Governor Carney when he speak on Thursday.
The current interbank midrate is:    AUDGBP .5522    GBPAUD 1.8109

The interbank range this week has been:    AUDGBP .5495 - .5569    GBPAUD 1.7957 - 1.8198
Tuesday 17th June 3:43PM (NZT)
The British Pound has seen increased demand over the Australian dollar since the notable comments from Messrs Carney and Osborne. The pair remains close to the wider .5450- .5650 (1.7700 - 1.8350) range that has been in place since mid-March. Direction from the current levels will come from the UK inflation number later today, the BOE policy announcement Wednesday, and the UK retail sales on Thursday. Expect the current range trading nature of this pair to continue in the short term at least. Increasing tensions in the Middle East could temper demand the AUD from a risk aversion perspective, albeit that correlation much weaker now than it once was.
  Current Level Support Resistance Last week's range
AUD/GBP .5520 .5450 .5650 .5520 - .5610
GBP/AUD 1.8115 1.7700 1.8350 1.7824 - 1.8115

Friday 13th June 2:30PM (NZT) - Update
This pair continues to trade within the wider range of .5450- .5650 (1.7700 - 1.8350) that has evolved over the last month. This week has seen mixed price action with both currencies seeing periods of increased demand within a contained .5550 - .5610 (1.7825 - 1.8020) range. In last night’s offshore session the most dramatic action was seen. This came after comments from BOE Gov. Carney and Exchequer Chancellor Osborne. In the near term it looks like this increased demand for GBP should continue, albeit the easy gains have probably been made. In the absence of top tier economic news due for release in Australia next week, the UK economy provides the focus. The latest UK inflation numbers are followed by the increasingly important BOE monetary policy meeting minutes. Evidence of voter split in the BOE’s monetary policy committee would further boost the GBP, albeit unlikely to break out of the aforementioned wider trading range in the near term.
The current interbank midrate is:    AUDGBP 0.5557    GBPAUD 1.7995

The interbank range this week has been:    AUDGBP 0.5547 - 0.5610    GBPAUD 1.7824 - 1.8029
Tuesday 10th June 1:00PM (NZT)
The past week has seen a relentless grind higher for this pair, driven largely on the back of Australian dollar strength. The AUD has benefited from a stable outlook from the RBA and better than forecast GDP data. Data from the UK has been supportive of the continued recovery, although it’s failed to boost the GBP to any real degree. That could change this week with key employment data set for release. The UK job market has been a strong performer throughout the economic downturn and with the economy now well on the recovery track there seems no reason to suspect a soft result. This afternoon we also get business confidence data from Australia and later in the week we have consumer sentiment and employment change figures to draw focus. Continued AUD topside price action in the pair will run into minor resistance around 0.5590 (support around 1.7889) ahead of the 2014 highs of 0.5636 (lows of 1.7743).
  Current Level Support Resistance Last week's range
AUD/GBP 0.5563 0.5450 0.5650 0.5512 - 0.5571
GBP/AUD 1.7976 1.7699 1.8349 1.7951 - 1.8143

Friday 6th June 2:30PM (NZT) - Update
The early stages of this week saw the Australian dollar come under some pressure on the back of soft building consents data. That drove this pair down to its 0.5512 low (1.8143 high), but since then the AUD has recovered almost all those losses helped by better GDP data. The pair is now back around 0.5550 (1.8018) which is close to where it began the week. The broad uptrend the started just over two weeks ago is still in play and key trend support now comes in around 0.5530. While the pair holds above there the risks are skewed to the topside. Data from the UK has been largely supportive of the current economic recovery and there was little impact from last night’s BOE announcement. Next week from the UK we have manufacturing and industrial production figures along with employment change data. While from Australia we have business confidence, consumer sentiment, and employment data to digest.
The current interbank midrate is:    AUDGBP 0.5548    GBPAUD 1.8025

The interbank range this week has been:    AUDGBP 0.5512 - 0.5574    GBPAUD 1.7940 - 1.8143
Tuesday 3rd June 6:30PM (NZT)
Last week saw this pair make solid gains that came largely on the back of a stronger Australian dollar. Capital expenditure forecasts for 2014/15 provided a boost for the local currency and this saw the pair trade up to 0.5574 (down to 1.7940) heading into the weekend. A large part of those gains have now been reversed after yesterday’s softer than expected building consents data which saw the AUD come under pressure. At this stage the risks are skewed to the downside, although there is a lot of data out this week that could influence. The RBA rate statement this afternoon provides the initial focus and this followed by GDP and the trade balance later in the week. From the UK we get PMI’s for the construction and service sectors along with the Bank of England rate meeting.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5526 0.5450 0.5650 0.5483 - 0.5574
GBP/AUD 1.8096 1.7699 1.8349 1.7940 - 1.8240

Friday 30th May 2:00PM (NZT) - Update
It has been one way traffic for this pairing over the past week. AUD gains started gradually on the back of some UK Pound weakness, with the GBP under pressure after weaker than expected results for mortgage approvals and CBI realized sales. But the AUD upside in the pair accelerated yesterday as the Australian dollar made strong gains after private capital expenditure data was released. A significant part of the AUD losses seen in the pair the previous week have now been reversed with the pair trading comfortably above 0.5550 (below 1.8018). A test towards 0.5600 (1.7857) can’t be ruled out, although I would be surprised to see levels above there maintained for long. Next week should prove to be very interesting with plenty of data from each country, along with rate meetings from both the Bank of England (BOE) and the Reserve Bank of Australia (RBA).
The current interbank midrate is:    AUDGBP 0.5568    GBPAUD 1.7960

The interbank range this week has been:    AUDGBP 0.5467 - 0.5569    GBPAUD 1.7958 - 1.8292
Tuesday 27th May 2:30PM (NZT)
Declines in this pair stalled around the middle of last week and since then the cross had carved out a tight trading range around 0.5480 (1.8248). Data from the UK last week was for the most part supportive of the Pound, but we did see the currency come under some pressure after public sector net borrowing figures disappointed on Thursday evening. It was that data that largely halted the decline in this pair, and the tight range seen since then has been exasperated by the UK bank holiday yesterday. We could easily see gains toward minor resistance around 0.5515 (support around 1.8132), but as long as the market holds below there the risks remain skewed to the AUD downside and further tests of minor support at 0.5450 (resistance at 1.8349) are likely. From Australia this week we get construction work done, new home sales, and private capital expenditure figures. While from the UK we get mortgage approvals tonight, CBI realized sales tomorrow, and consumer confidence on Friday.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5490 0.5450 0.5650 0.5455 - 0.5552
GBP/AUD 1.8215 1.7699 1.8349 1.8012 - 1.8333

Thursday 22nd May 3:30PM (NZT) - Update
The past week has seen a dramatic fall in this pair thanks to a combination of factors. A major part of the move has been on the back of Australian dollar weakness which was driven lower by declining iron ore prices and a soft consumer sentiment. But last night we also saw a material increase in demand for UK Pounds on the back of much better than expected retail sales, and a hint from the BOE that rates could go up earlier than expected. These factors caused the AUD low of 0.5455 (high of 1.8333) to trade and we have only seen a small AUD bounce since then. In the past couple of hours we have seen better than expected data on Chinese manufacturing which has supported the AUD, but the pair will need to retake the 0.5500 (1.8180) level to negate the current downside bias. From the UK next week we have mortgage approvals, the house price index, and CBI realized sales set for release. While from Australia get data on construction work done, new home sales, and private capital expenditure.
The current interbank midrate is:    AUDGBP 0.5486    GBPAUD 1.8228

The interbank range this week has been:    AUDGBP 0.5455 - 0.5608    GBPAUD 1.7833 - 1.8333
Tuesday 20th May 3:00PM (NZT)
The past week’s price action in this pairing has been dominated by some relative weakness in the Australian dollar. This has seen the cross to the GBP retreat from the recent highs just above 0.5600(1.7857 lows), to currently trade around 0.5540 (1.8050). The GBP itself saw periods of pressure last week on the back of softer than expected employment data and very ‘dovish’ comments from BOE Governor Carney. But the favourable economic outlook has seen buyers emerge and this has helped to limit the GBP weakness. Over the coming days from Australia we have consumer sentiment, the wage price index, and inflation expectations to draw focus. While from the UK we get inflation data tonight, the BOE minutes and retail sales tomorrow, then on Thursday we get the second reading of GDP. Look for the current pullback to extend down towards minor support just above 0.5500 (1.8180).
  Current Level Support Resistance Last week's range
AUD/GBP 0.5537 0.5450 0.5650 0.5533 - 0.5608
GBP/AUD 1.8060 1.7699 1.8349 1.7833 - 1.8073

Friday 16th May 2:00PM (NZT) - Update
After starting the week trading very quietly just above 0.5520 (below 1.8116), this pair once again found the AUD upside to be the path of least resistance. We saw gains up toward 0.5600 (losses down to 1.7857) on the back of some Australian dollar strength and UK Pound weakness. The GBP came under pressure in the wake of the Bank of England Inflation Report. In that report the BOE down played the chance of bringing forward expected rate hikes, and took a very dovish tone. The market was a little disappointed with this and sold the GBP as a result. This combined with a slightly firmer AUD to see the gains up to last night’s 0.5608 high (losses down to 1.7832). We have however, seen a sharp correction from that high in the last 12 hours with the market stabilising above 0.5560 (below 1.7986). While 0.5560 (1.7986) contains the AUD downside the near term trend is up and a test of the 2014 highs at 0.5637 (lows 1.7740) is the target. A move below 0.5560 (above 1.7986) however, would warn the move has run out of momentum and a broader pullback toward 0.5480 (1.8248) could unfold. Next week from Australia we have the RBA minutes along with consumer sentiment and the wage price index. While from the UK we get inflation, the BOE minutes, and the second estimate of Q1 GDP.
The current interbank midrate is:    AUDGBP 0.5570    GBPAUD 1.7953

The interbank range this week has been:    AUDGBP 0.5526 - 0.5608    GBPAUD 1.7833 - 1.8098
Tuesday 13th May 2:00PM (NZT)
This AUD saw sharp gains last week in the wake of better than expected Australian employment data. Since then however trading has been very subdued with a tight ranges developing around 0.5550 (1.8018). Data from the UK remains supportive of the GBP, although the immediate direction for the pair could come down to how the AUD reacts to today’s budget release. Support toward 0.5450 (resistance around 1.8349) should contain any near term weakness with topside running into resistance around 0.5650 (support at 1.7857). From the UK tomorrow night we have employment data and the Bank of England inflation report to draw focus.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5540 0.5450 0.5650 0.5488 - 0.5566
GBP/AUD 1.8051 1.7699 1.8349 1.7967 - 1.8221

Friday 9th May 2:00PM (NZT) - Update
This pair saw relatively subdued trading from much of the week, or at least until yesterday’s Australian employment data. That better than expected release caused a sharp rally in the Australian dollar and as a result this pair jumped to the weeks high of 0.5546 (low 1.8085). We could easily see some further AUD upside although gains should be harder fought as the buoyant UK economic outlook continues to support the GBP itself. Locally next week we have business confidence and the annual budget to digest. While from the UK the focus turns to employment data and the BOE inflation report.
The current interbank midrate is:    AUDGBP 0.6767    GBPAUD 1.4778

The interbank range this week has been:    AUDGBP 0.5467 - 0.5546    GBPAUD 1.8085 - 1.8032
Tuesday 6th May 2:00PM (NZT)
This pair continues to exert a small AUD downside bias, although to be fair the current levels are little changed from this time last week. UK data continues to support the economic recovery, and pressure is increasing on the BOE to take action to cool the UK housing market. The BOE meet this week and the market will be keen to see if the bank is leaning toward unconventional measures to tackle the problem, so as to be able to keep interest rates low. Ahead of that however, we have the RBA meeting this afternoon. The market isn’t getting too excited about the outcome with the bank not expected to change its neutral stance or tone. The other releases to watch for this week are Australian retail sales and employment data on Wednesday and Thursday respectively. The pair is currently trading right on minor resistance around 0.5500 (support 1.8180). A sustained move up through here could easily extend to the next level of resistance at 0.5540.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5507 0.5500 0.5700 0.5467 - 0.5529
GBP/AUD 1.8159 1.7544 1.8182 1.8085 - 1.8291

Friday 2nd May 3:00PM (NZT) - Update
The Australian dollar has struggled to hold onto any gains made this week, while the UK Pound continues to find demand. As a result this pair has continued to grind lower and further losses seem likely. Data from the UK supports the increasing value of the GBP with solid GDP growth and a buoyant housing market. Next week should prove interesting with central bank meetings in both countries. From Australia we also get building approvals, retail sales and employment change to throw in the mix.
The current interbank midrate is:    AUDGBP 0.5492    GBPAUD 1.8208

The interbank range this week has been:    AUDGBP 0.5482 - 0.5539    GBPAUD 1.8055 - 1.8242
Tuesday 29th April 3:30PM (NZT)
Last week’s softer than expected Australian inflation data saw the AUD come under all sorts of pressure and as a result on the cross to the GBP, the AUD fell dramatically. The downside pressure on the AUD was maintained thanks to solid data from the UK over the past week which has caused an increase in demand for UK Pounds. That is likely to continue this week with good readings expected from GDP tonight, manufacturing PMI on Thursday, and construction PMI on Friday. With minor support at 0.5510 (resistance at 1.8149) now brushed aside, the downside target is a test of 0.5460 ahead of 0.5380 (1.8315 ahead of 1.8587).
  Current Level Support Resistance Last week's range
AUD/GBP 0.5494 0.5460 0.5660 0.5489 - 0.5576
GBP/AUD 1.8202 1.7668 1.8315 1.7836 - 1.8094

Wednesday 23rd April 4:30PM (NZT) - Update
This pair has continued its AUD pull back from recent cycle highs set a couple of weeks ago at 0.5637 (1.8060). To be fair there was little overall direction for most of the Easter trading period, but today’s softer than expected Australian inflation result has seen a sharp move lower as the AUD came under intense selling pressure. The UK Pound remains well supported as data continues to support the ongoing recovery. The combination of these two factors will likely see further AUD downside in this pairing, with a test back below 0.5500 (above 1.8182) likely over the coming week. The BOE minutes tonight should have limited impact with retail sales later in the week a bigger focus.
The current interbank midrate is:    AUDGBP 0.5530    GBPAUD 1.8083

The interbank range this week has been:    AUDGBP 0.5527 - 0.5607    GBPAUD 1.7836 - 1.8094
Thursday 17th April 3:30PM (NZT) - Update
After trading up into the mid 0.5630’s (down to the 1.7760’s) twice in the past week, the AUD looks to have lost a little momentum, and in the past 48 hours we have seen the pair pull back to 0.5560 (1.7986). The correction lower was helped by continued supportive data out of the UK, in particular the unemployment rate, that caused a material boost in demand for GBP’s and this placed pressure on the AUD. It’s a tough call at this stage whether the pullback in the AUD is merely a correction within the otherwise dominant uptrend that has been in place since the beginning of March. Or whether in fact we have seen a medium term top put in place at 0.5637 (bottom at 1.7740). A move down through 0.5540 (up through 1.0851) would suggest the latter, and would likely warn of a much deeper retracement. While above 0.5540 (below 1.0851) however, the broader uptrend still carries significant weight and we could easily see further gains towards resistance at 0.5730 (1.7452). Next week’s inflation data from Australia will be a big focus, while from the UK we get the BOE minutes and retail sales data.
The current interbank midrate is:    AUDGBP 0.5570    GBPAUD 1.7955

The interbank range this week has been:    AUDGBP 0.5558 - 0.5637    GBPAUD 1.7740 - 1.7992
Tuesday 15th April 2:30PM (NZT)
The Australian dollar has been a strong performer recently. This is evidenced by its gains against the UK Pound, which itself has benefited from strong economic data. But AUD gains have outpaced those of the GBP, and as a result the pair is currently trading just below recent highs, which mark the best level since November last year. Improving economic data from Australia, most notably the employment numbers last week, have help swing sentiment towards the currency to a much less negative outlook. For now the gains against the GBP, which started at the beginning of March, show no sign of abating. The next key level on the topside is 0.5730 (downside is 1.7452) and this is certainly within reach over the coming weeks. The RBA minutes this afternoon will be closely watched. While from the UK this week we have employment and inflation data to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5618 0.5500 0.5600 0.5571 - 0.5637
GBP/AUD 1.7800 1.7544 1.8182 1.7740 - 1.7951

Friday 11th April 3:30PM (NZT) - Update
Up until the last 12 hours or so the Australian dollar had had a very strong week, making gains across the board. For the most part those gains were matched by the UK Pound which has also seen strong demand on the back of better than expected data. We did get an AUD spike higher yesterday in the wake of solid Australian employment data, however this was quickly followed by poor Chinese trade data that then weighed on the AUD. Overnight, and again in today’s Asian session, stock market nervousness has seen risk sentiment take hit and this has further weighed on the AUD. This pullback has not yet threatened the broader uptrend in the pair, although key levels are close by. A sustained move below 0.5580/75 (above 1.7921/37) would likely warn a deeper correction is unfolding. The initial target in that case would be support around 0.5510 (resistance around 1.8149). The RBA minutes set for release on Tuesday next week will be of particular focus. While from the UK we get inflation and employment data.
The current interbank midrate is:    AUDGBP 0.5594    GBPAUD 1.7876

The interbank range this week has been:    AUDGBP 0.5561 - 0.5637    GBPAUD 1.7740 - 1.7982
Tuesday 8th April 1:30PM (NZT)
After trading with little overall direction for much of last week, the AUD found some legs on Friday evening in the wake of US employment data. That release saw higher yielding currencies, such as the AUD, outperform, and this helped to drive the AUD to the GBP to a four month high. Levels over 0.5600 (under 1.7857) briefly traded, and the pair remains elevated currently sitting around 0.5580 (1.7921). Key trend line support now comes in at 0.5560 (resistance at 1.7986) and while the pair holds above there the risk remains for further tests of the topside (downside GBPAUD). Any break below 0.5560 (above 1.7986) will however, quickly turn the picture negative, and warn a deeper correction is underway. Tonight from the UK we get manufacturing production data and on Thursday we have the Bank of England rate statement to digest. Domestically the focus turns to Australian employment data out on Thursday which will likely provide the lead for the AUD in the closing stages of the week.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5582 0.5400 0.5600 0.5533 - 0.5614
GBP/AUD 1.7915 1.7857 1.8519 1.7812 - 1.8072

Friday 4th April 1:30PM (NZT) - Update
There has been little overall direction for this pair during the course of the week. A slight weakening in the Australian dollar has been matched by a similar move in the UK Pound, as both countries have seen the majority of data come in a touch below expectation. Tuesday’s RBA’s meeting had a very muted impact on the market and it will likely be a similar story for next week’s Bank of England meeting. Resistance towards 0.5600 (support toward 1.7857) continues to cap the AUD topside and we could easily see a deeper correction to support around 0.5500 (resistance around 1.8182) over the coming week. Ahead of Thursday’s BOE meeting we get data on manufacturing production and the trade balance. From Australia we have business confidence and employment change to draw focus.
The current interbank midrate is:    AUDGBP 0.5565    GBPAUD 1.7969

The interbank range this week has been:    AUDGBP 0.5533 - 0.5593    GBPAUD 1.7880 - 1.8072
Tuesday 1st April 1:30PM (NZT)
The Australian dollars strong run over the past week helped to push the cross to the UK Pound up to a high of 0.5593 (low of 1.7880). Data from the UK has actually been supportive of the ongoing recovery, however the AUD was the best performing currency last week and as such it has appreciated on all crosses. The big question is can it continue? That will likely be answered by the RBA after their meeting and rate statement this afternoon. There is every chance the central bank will voice concern over the level of the AUD, even though last week there was a notable lack of such comments. Resistance around 0.5600 (support around 1.7857) should continue to provide a barrier on the AUD topside with initial downside support coming in around 0.5540 (resistance around 1.8051). A move below this level would warn the entire up move has run its course and likely result in a much deeper pull back.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5562 0.5400 0.5600 0.5531 - 0.5593
GBP/AUD 1.7979 1.7857 1.8519 1.7880 - 1.8081

Friday 28th March 12:30PM (NZT) - Update
The Australian dollar has been a stand out performer for much of the week. A lack of ‘talking the currency down’ from RBA officials has been sighted as a potential driver, but it seems the market has just been well short (sold) Australian dollars and those positions are now getting squeezed out. The pair traded up to 0.5588 (down to 1.7895) before strong UK retail sales figures put a halt to the gains. With such a strong move underway in the AUD since the beginning of March, there is little to be gained from trying to call a top. If minor resistance around 0.5590 (support around 1.7889) can be overcome, the next target will be 0.5730 (1.7452). Tonight from the UK we get the latest current account data and a final reading of quarterly GDP, while next week we have a trifecta of PMI’s from the manufacturing, construction, and services sectors. The highlights from Australia will be retail sales and the RBA meeting.
The current interbank midrate is:    AUDGBP 0.5575    GBPAUD 1.7937

The interbank range this week has been:    AUDGBP 0.5472 - 0.5588    GBPAUD 1.7895 - 1.8274
Tuesday 25th March 2:00PM (NZT)
Strength in the Australian dollar since mid-last week has been the driving force for this pair. The AUD has made gains even in the face of yesterday’s weaker than expected Chinese manufacturing data. This has seen the cross to the GBP break higher above resistance at 0.5515 (below support at 1.8132) that had previously capped it. Gains above there have now consolidated around the 0.5535 (1.8067) level and this warns that further upside is likely. A move up toward 0.5600 (down toward 1.7857) could well eventuate over the coming sessions. Key to this near term outlook however, will be tonight’s UK inflation data. A strong reading there should see demand for the UK pound increase materially and this will limit potential upside for the AUD. Later in the week from the UK we get retail sales, current account, and GDP data. In Australia the focus turns to tomorrow’s financial stability review and a subsequent speech from Governor Stevens.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5540 0.5400 0.5600 0.5444 - 0.5538
GBP/AUD 1.8051 1.7857 1.8519 1.0857 - 1.8369

Friday 21st March 2:00PM (NZT) - Update
The Australian dollar made good gains against the UK Pound in the early stages of this week. Increasing risk sentiment and very neutral RBA minutes helped support the currency. The UK Pound has also struggled to attract much support after comments from BOE Governor Carney downplayed the chance of rate hikes to cool the property market. The pair briefly traded over 0.5500 (under 1.8182), but we have seen solid rejection from that level in the past couple of days and this leaves the near term outlook a little less certain. Resistance around 0.5515 (support around 1.8132) is key and while below there we could easily see a bigger correction lower. This is the most favoured scenario. That outlook would change quickly however with a solid move up through 0.5515 (down through 1.8182). That would likely open the way for gains toward 0.5600 (1.7857). There is little on the economic front from Australia next week, so the focus will turn to UK data in the form of inflation, retail sales, and the current account, and the final revision to December quarter GDP.
The current interbank midrate is:    AUDGBP 0.5477    GBPAUD 1.8258

The interbank range this week has been:    AUDGBP 0.5419 - 0.5516    GBPAUD 1.8129 - 1.8454
Tuesday 18th March 3:30PM (NZT)
The past week has seen the Australian dollar make good gains against the GBP. The pair snapped higher on Thursday in the wake of Australian employment data that surprised many with a very strong reading. But then gave up some of those gains heading into the weekend as tensions in the Ukraine increased causing some risk aversion through markets. Since then however, after a peaceful referendum and lack of any strong action from the west, we have seen a notable increase in risk appetite again. The AUD could well see further gains toward resistance just above 0.5500 (support below 1.8182), although that level should cap in the near term. With little set for release from Australia this week, the focus turns to the BOR monetary policy meeting minutes on Wednesday.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5460 0.5300 0.5500 0.5376 - 0.5471
GBP/AUD 1.8315 1.8182 1.8868 1.8278 - 1.8601

Thursday 13th March 5:00PM (NZT) - Update
We have seen some choppy price action for this pair over the past week. Periods of weakness have come on the back of soft Australian business confidence and consumer sentiment readings. Concerns over Chinese credit issues and soft commodities have also weighed on the AUD. The UK pound has also struggled this week and it came under some pressure on the back of comments from Deputy Governor Charlie Bean who suggested a strong GBP could delay rate hikes. But the sharpest move in the pairing came in the last few hours after much stronger than expected Australian employment data. We have seen a material increase in demand for AUD’s on the back of that release and it seems likely further topside action will be seen in the coming days. The focus will be on a test of resistance just above 0.5500 (support below 1.8182). The highlight from next week’s economic releases will be the RBA minutes on Tuesday. While from the UK the focus will turn to employment data and the Bank of England minutes.
The current interbank midrate is:    AUDGBP 0.5451    GBPAUD 1.8345

The interbank range this week has been:    AUDGBP 0.5363 - 0.5459    GBPAUD 1.8318 - 1.8646
Tuesday 11th March 3:00PM (NZT)
The Australian dollar has made good gains against the UK Pound in the past week, reversing most of the losses seen in the closing stages of last month. Gains were driven by better than expected economic data from Australia. Building permits we strong, although it was data on retail sales and the trade balance that really lit a fire under the AUD. Both those releases were significantly better than forecast and this cause a surge in demand for the local currency. In the last 24 hours we have seen the GBP come under some pressure after comments from BOE Deputy Governor Charlie Bean, when he said further gains in the UK Pound could cause a delay in any potential rate hike. This has kept the focus on the AUD topside for this pair in the near term. Taking a look at the broader picture it seems likely resistance around 0.5500 and support around 0.5300 will continue to dominate trading over the coming weeks. The immediate focus now turns to the key Australian employment data on Thursday. From the UK this week we also get readings on retail sales, the trade balance, and industrial production.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5425 0.5300 0.5500 0.5324 - 0.5449
GBP/AUD 1.8437 1.8182 1.8868 1.8352 - 1.8783

Thursday 6th March 8:30PM (NZT) - Update
This pair has seen an almost complete reverse of last weeks price action so far this week. The AUD started under real pressure from the GBP, but as the Ukrainian issues looked to subside and the Australian data flow surprised to the topside, there has been steady AUD demand and the momentum has been all in one direction. The BOE monetary policy decision later on today will prove a non event with no change in policy expected. The lead will then be provided by the US employment numbers on Friday, and expectedly soft number would see continued AUD support in the short term. Next week the Australian employment numbers provide the primary focus, and a break of the .5400(1.8500) level would open up the way to further AUD strength, albeit an unlikely outcome at this point in time.
The current interbank midrate is:    AUDGBP 0.5396    GBPAUD 1.8532

The interbank range this week has been:    AUDGBP 0.5313 - 0.5401    GBPAUD 1.8515 - 1.8822
Tuesday 4th March 2:00PM (NZT)
The Australian dollar had a tough time of it last week weighed on by poor economic data. Thursday’s private capital expenditure figures were particularly disappointing and saw a sharp reaction in the AUD. On the other hand data from the UK has been broadly in line with expectation and supportive of the on-going economic recovery. The cross traded down to 0.5350 (up to 1.8692) on Friday before recovering a touch into the close of the week. However further losses were seen in early trading on Monday morning after escalating tensions in the Ukraine cased a small ‘risk off’ move. This took the pair down to 0.5013 (up to 1.8822) before another bounce ensued. The immediate focus now turns to the Reserve Bank of Australia rate decision out later this afternoon. This event is likely to decide near term direction for the pair. Later in the week from Australia we have GDP, retail sales, and the trade balance to digest. While from the UK we have construction and service sector PMI’s ahead of the Bank of England’s own rate meeting on Thursday evening.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5355 0.5300 0.5500 0.5313 - 0.5435
GBP/AUD 1.8674 1.8182 1.8868 1.8399 - 1.8822

Friday 28th February 3:00PM (NZT) - Update
It hasn’t been a good week for the AUD against the GBP, with the pair coming dangerously close to breaking below support at 0.5350 (resistance 1.8690) last night. The Australian dollar made gains early in the week, but there didn’t seem to be any key driver for the move and as such the currency slowly began retracing the move. That retracement gained pace yesterday after poor data on Australian private capital expenditure put the local currency under all sort of pressure. Conversely, data from the UK this week as continued to support the recovery and the UK Pound. Risks for the pair continue to be on the downside with a break of 0.5350 (1.8690) opening the way for a retest of cycle lows below 0.5250 (1.9050). BOE Governor Carney speaks tonight and next week we have the Bank of England rate meeting. From Australia we also have the RBA rate meeting along with building approvals, GDP, retail sales, and the trade balance.
The current interbank midrate is:    AUDGBP 0.5370    GBPAUD 1.8622

The interbank range this week has been:    AUDGBP 0.5350 - 0.5435    GBPAUD 1.8399 - 1.8692
Tuesday 25th February 3:00PM (NZT)
There has been little overall direction for this pair for much of the past 10 days. Weakness in the Australian dollar last week, after poor Chinese manufacturing data, saw a low of 0.5360 trade and that level held again when tested yesterday. This gave the resulting bounce extra momentum and overnight some relative strength in the AUD has seen the pair briefly trade to its best level in nearly two weeks. It’s hard to get too excited about this recent bout of strength though as gains seem to have stalled at minor resistance around 0.5435 (support around 1.8399). It would take a sustained move up through there to open the way for further gains toward 0.5515 (1.8132). However the favoured scenario is for the pair to drift back towards 0.5400 (1.8519) in the near term.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5427 0.5300 0.5500 0.5360 - 0.5435
GBP/AUD 1.8426 1.8182 1.8868 1.8399 - 1.8657

Friday 21st February 1:30PM (NZT) - Update
There has been little overall direction for this pair over the course of the week. The current level of 0.5405 (1.8501) is close to where the cross opened trading on Monday, although we did see a sharp drop yesterday in the wake of poor Chinese manufacturing data. That release weighed heavily on the Australian dollar, but since then the cross has managed a substantial recovery. Although there is little overall direction at the moment, I would suggest the downside remains the more vulnerable heading into next week when the focus will be on UK releases. Bank of England officials will be closely watched when they testifying to a parliamentary select committee on the inflation outlook. We also have UK GDP and consumer confidence data to digest.
The current interbank midrate is:    AUDGBP 0.5408    GBPAUD 1.8491

The interbank range this week has been:    AUDGBP 0.5360 - 0.5429    GBPAUD 1.8420 - 1.8657
Tuesday 18th February 3:00PM (NZT)
This pair had a sharp move last week as the UK Pound rallied on the back of the Bank of England inflation report, and the Australian dollar weakened after softer than expected employment numbers. Those dual drivers pushed the pair down to a low of 0.5373 (high of 1.8612) and there has been little in the way of a meaningful AUD bounce from there. This keeps the focus on the downside, and a test toward 0.5300 (1.8868) is the favoured scenario over the coming weeks. There is little in the way of economic data from Australia over the coming days, however from the UK however we have inflation, the BOE minutes, unemployment, and retail sales. All of which have the potential to move the market.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5425 0.5300 0.5500 0.5373 - 0.5517
GBP/AUD 1.8433 1.8182 1.8868 1.8126 - 1.8612

Friday 14th February 1:30PM (NZT) - Update
It has been an interesting week for the AUDGBP (GBPAUD) cross rate. Early AUD strength on the back of solid Australian business confidence data had the pair trading up over 0.5500 (down under 1.8182) on Wednesday. However, later that evening we saw a sharp turnaround in the wake of the Bank of England's (BOE) inflation report. Governor Carney used that release to signal a likely rate hike in the first half of 2015 and this saw a material increase in demand for the GBP. The BOE are going to look through the drop in unemployment and keep rates low for a while yet, but rate hike are now at least on the radar, albeit a year or so away. Downside losses for the pair accelerated yesterday after a poor reading for Australian employment change and the cross now trades sub 0.5400 (above 1.8519) . I would expect a test towards 0.5300 (1.8868) over the coming week as all the risks remain skewed to the AUD downside for now.
The current interbank midrate is:    AUDGBP 0.5402    GBPAUD 1.8512

The interbank range this week has been:    AUDGBP 0.5373 - 0.5517    GBPAUD 1.8126 - 1.8612
Tuesday 11th February 3:00PM (NZT)
This pair leapt higher early last week in the wake of the RBA’s neutral rate statement. Relative strength in the Australian dollar was underwritten by solid retails sales and trade balance data later in the week. The UK also saw some slightly disappointing data last week from the manufacturing and service sectors that helped the AUD maintain the firmer tone. Resistance around 0.5500 (support around 1.8182) however, has managed to cap the AUD gains for now and the cross has retreated somewhat to currently trade around 0.5470 (1.8282). The key events this week to watch out for are the Bank of England inflation report on Wednesday night, and Australian employment data on Thursday. The outcome of these two releases could well decide near term direction for the pair.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5470 0.5300 0.5500 0.5355 - 0.5513
GBP/AUD 1.8282 1.8181 1.8868 1.8067 - 1.8797

Friday 7th February 3:30PM (NZT) - Update
It has been a very positive week for this pair with gains driven in large part by strength in the Australian dollar. It started with the RBA’s policy statement which struck a very neutral tone and lacked any reference to the currency being overvalued. The AUD saw good gains on the back of this and it has been supported in the last two days by solid retail sales and trade balance data. The GBP itself saw some pressure early in the week after softer than expected manufacturing data, but since then direction for this pair has all been on the back of AUD strength. Initial resistance toward 0.5550 (support 1.8018) is likely to cap any near term strength in the cross. If however the pair does manage to overcome that, the way would be open for a move to the much bigger resistance level of 0.5730 (support 1.7452).
The current interbank midrate is:    AUDGBP 0.5476    GBPAUD 1.8262

The interbank range this week has been:    AUDGBP 0.5320 - 0.5513    GBPAUD 1.8139 - 1.8797
Tuesday 4th February 3:00PM (NZT)
The UK pound has been under some pressure since mid-last week after making solid gains over the past few months. Most recently we have seen slightly weaker than expected UK manufacturing data which caused further selling of the GBP. With the Australian dollar have been largely range bound over the past week this has allowed the AUDGBP cross to recover some previously lost ground. Resistance around 0.5400 (support around 1.8519) has so far capped the topside and whether that remains the case will be largely dependent on the RBA rate statement later this afternoon. Although the central bank is likely to release a very neutral statement the market will be keen to see how they interpret recent strong inflation data. Any break above 0.5400 (below 1.8519) will signal a broader correction is under way with potential to 0.5550 ahead of 0.5740 (1.8182 ahead of 1.7422). Later this week we also have the Bank of England rate meeting to digest and before that we get readings on the construction and service sectors of the economy.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5363 0.5200 0.5400 0.5261 - 0.5394
GBP/AUD 1.8646 1.8519 1.9231 1.8539 - 1.9088

Friday 31st January 4:00PM (NZT) - Update
This week has seen relatively contained ranges for this pairing. The downside momentum for the AUD has waned for the time being, albeit it has come with a lack of Australian data. Expect reasonable AUD resistance at the .5340 (1.8720) level, and this may well contain any further AUD appreciation ahead of the RBA monetary policy announcement on Tuesday. The BOE will obviously also be closely watched, and there is a chance here for a new range to be established for this pair. If emerging market fears escalate  in the short term, the risk is the AUD again underperforms and current levels may prove to have offered reasonably good value buying of GBP with AUD.

The current interbank midrate is:    AUDGBP 0.5336    GBPAUD 1.8741

The interbank range this week has been:    AUDGBP 0.5261 - 0.5337   GBPAUD 1.8736 - 1.9008
Tuesday 28th January 4:30PM (NZT)
After rallying to a high of 0.5400 (low of 1.8519) in the wake of stronger than expected Australian inflation data on Wednesday last week, this pair quickly turned around and made fresh cycle lows heading into the weekend. The reversal of fortune was driven on two fronts. Firstly we saw a big drop in the UK unemployment rate which helped to support the GBP and has bought into spotlight the Bank of England’s forward guidance policy. We could hear more on this from Governor Carney when he speaks later in the week. The Australian dollar also suffered after disappointing Chinese data and emerging market concerns weighed on the currency and this saw the pair trade down to 0.5211 (up to 1.9026) late last week. We have seen a decent bounce from those lows so far, however the AUDGBP is in the throes of a solid downtrend and further losses are likely. Initial resistance on the topside comes in around 0.5350 (support at 1.8692) and only a move above there would warn that a broader correction could be underway. Until then the downside remains the risk. Later in the week from Australia we get readings on new home sales and producer prices. While from the UK we have GDP data tonight to draw focus ahead of Carney’s speech on Wednesday.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5287 0.5150 0.5350 0.5211 - 0.5400
GBP/AUD 1.8914 1.8692 1.9417 1.8519 - 1.9190

Friday 24th January 2:00PM (NZT) - Update
It has been another week of dramatic losses for the Australian dollar against the UK Pound. The only respite came in the hours after Australian inflation surprised with a very strong reading, but those gains could not be sustained. Since then we have seen soft Chinese manufacturing data and renewed emerging market concerns that have weighed on the AUD.  The GBP on the other hand has benefited from a big fall in unemployment to 7.1%, which is only just above the Bank of England's forward guidance knock out level of 7.0%. Although the UK central bank has been quick to reassure markets that rates won’t necessarily go up if employment falls further, the risk of that happening sooner than expected is there, and this factor is supporting the GBP. The 0.5330 (1.8762) level marks the first line of AUD resistance and while below there the risks are all skewed to the downside. From the UK next week we get GDP data and this has the potential to surprise on the strong side as well. While from Australia we have business confidence, new home sales, and producer prices data to digest.
The current interbank midrate is:    AUDGBP 0.5273    GBPAUD 1.8965

The interbank range this week has been:    AUDGBP 0.5256 - 0.5400   GBPAUD 1.8519 - 1.9026
Tuesday 21st January 3:00PM (NZT)
There has been no respite for The AUD in this pairing over the course of the last week. The duel drivers of poor Australian employment data and much better than expected UK retail sales have caused the cross to make fresh cycle lows at 0.5334 (highs at 1.8748). The recovery off those lows has left a lot to be desired, never seriously testing initial resistance around 0.5380 (support around 1.8587), and this keep the focus on the AUD down side. The immediate hurdle for the pair comes in the form of Australian inflation data out tomorrow. A weak result here will no doubt see the AUD under renewed pressure and fresh lows trading again. We also get consumer sentiment numbers tomorrow and inflation expectations data on Thursday. From the UK on Wednesday we get minutes from the latest Bank of England (BOE) rate meeting along with the unemployment rate.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5372 0.5350 0.5550 0.5334 - 0.5549
GBP/AUD 1.8615 1.8018 1.8692 1.8021 - 1.8748

Friday 17th January 2:00PM (NZT) - Update
The Australian dollar appreciated against the UK Pound in the early part of the week as the GBP continued to suffer as a result of last week’s poor data. The pair traded right up to resistance at 0.5550 before running out of steam. Australian dollar weakness then took over and the cross drifted lower as the AUD struggled. The move picked up pace after Australian employment yesterday surprised on the soft side and the pair now looks likely to test recent cycle lows around 0.5350. Tonight we get the latest reading on UK retail sales and this could well dictate near term direction. Focus will then turn to the Bank of England (BOE) minutes and the unemployment rate on Wednesday next week. From Australia next week we have consumer confidence and inflation data will be very closely watched.
The current interbank midrate is:    AUDGBP 0.5395    GBPAUD 1.8536

The interbank range this week has been:  AUDGBP 0.5373 - 0.5549    GBPAUD 1.8021 - 1.8612
Tuesday 14th January 3:30PM (NZT)
Data out of the United Kingdom last week has reminded us that it won’t all be plain sailing for the UK economy as it continues to recover into 2014. The market took most of the worse than expected releases in its stride, but Friday night’s manufacturing production data was ‘the straw the broke the camel’s back’. There wasn’t a huge immediate reaction to the release, but that was in large part due to the fact the market was awaiting the more important US employment report, out a few hours later. That data was a big disappointment and as funds flowed out of the USD the AUD dramatically outperformed the GBP. We saw further switching out of GBP and into other currencies last night and this caused the AUDGBP cross to trade right up to resistance at 0.5550 (1.8018). The big question is how much further can this correction run? Any move above 0.5550 (below 1.8018) will target the next (minor) resistance level of 0.5590 (1.7889), and above that there is little in the way of key levels until 0.5730 (1.7452). From Australia the main focus this week will be on employment data out on Friday. While from the UK we get inflation data tonight, then on Friday we get the latest reading of retail sales.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5505 0.5350 0.5550 0.5380 - 0.5549
GBP/AUD 1.8165 1.8018 1.8692 1.8021 - 1.8587

Friday 10th January 3:00PM (NZT) - Update
The GBP has seen a grinding appreciation against the Australian dollar throughout the course of this week. Ironically, this move has simply retraced the strange move from the previous Friday that saw the AUD leap higher for no apparent reason. Also of irony was the fact that the AUD underperformance flew in the face of better than expect Australian trade and retail sales numbers. With further evidence of housing price pressure in the UK this week, the prospect of further GBP outperformance seems likely in the short term at least. Consolidation through the .5350 (1.8700) remains the key to opening up the way for further GBP demand. Next week from Australia we get consumer sentiment figures on Wednesday and unemployment data on Thursday. From the UK we get data on manufacturing production tonight, and next week we get the latest readings on inflation and retails sales.
The current interbank midrate is:    AUDGBP 0.5398    GBPAUD 1.8525

The interbank range this week has been:    AUDGBP 0.5387 - 0.5485   GBPAUD 1.8232 - 1.8562
Tuesday 7th January 2:30PM (NZT)
For much of the holiday period the Australian dollar remained under pressure from a strong UK Pound. The pair actually made fresh cycle lows at 0.5349 (highs at 1.8695) on January 2nd, but since then we have seen a dramatic reversal. This turnaround was aided by a short squeeze in the AUD last Friday that was magnified due to thin market liquidity. This squeeze took the pair all the way up to 0.5485 (down to 1.8232) before running out of steam. With resistance around 0.5500 (1.8018) keeping the topside contained the risks are for a return of weakness and a move back towards 0.5400 (1.8519). A better than expected trade balance from Australia in the last hour has done little support the currency and later this week we have building permits and retail sales data to digest. While from the UK we have the Bank of England (BOE) rate decision on Thursday along with manufacturing and industrial production data on Friday.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5455 0.5350 0.5550 0.5349 - 0.5485
GBP/AUD 1.8332 1.8018 1.8692 1.8232 - 1.8695

Friday 20th December 1:30PM (NZT) - Update
This pair broke below the key psychological level of 0.5500 (1.8182) late last week and couldn’t managed to regain it despite a number of attempts. This left the downside looking very vulnerable and all it took was further strong UK unemployment data on Wednesday to see it tested. The Australian dollar also underperformed the UK Pound in the wake of the Fed tapering announcement and this had the pair testing the weeks low of 0.5390 (high 1.8553). The AUD bounce from there has so far left a lot to be desired. The risks are still all skewed to the AUD downside with resistance now at 0.5450 (1.8349) and again at 0.5500 (1.8182) capping any near term strength.
The current interbank midrate is:    AUDGBP 0.5417    GBPAUD 1.8460

The interbank range this week has been:    AUDGBP 0.5390 - 0.5503   GBPAUD 1.8172 - 1.8553
Tuesday 17th December 2:00PM (NZT)
The Australian dollar came under a lot of pressure last week thanks in large part to comments from RBA Governor Stevens. The UK Pound on the other hand continues to be supported by descent data and a positive economic outlook. When the cross broke below the psychological level of 0.5500 (above 1.8182)  it quickly traded down to 0.5452 (up to 1.8342). We have seen a AUD small bounce from there, but the recovery has failed on a couple of attempts to break back above 0.5500 (below 1.8182). This continues to keep all the focus on the downside. Near term direction however, will likely be dictated by the Feds announcement on Thursday. There are all sorts of risks around this release and it is a very close call as to whether they taper or not. We can expect plenty of volatility in the closing stages of the week. Also this week from the UK we have the Bank of England (BOE) minutes, unemployment, retail sales, current account, and the final reading of GDP.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5480 0.5400 0.5600 0.5452 - 0.5587
GBP/AUD 1.8248 1.8519 1.7857 1.7899 - 1.8342

Friday 13th December 2:30PM (NZT) - Update
The Australian dollar has struggled to hold its ground against most other currencies this week. Against the UK Pound it has been a similar story. Mostly of the downside action has come in the last 48 hours, even though Australia had better than expected employment data out yesterday. The currency was weighed on by comments from RBA Governor Stevens overnight. He suggest an AUDUSD rate of 0.8500 was ‘closer to the mark’ than 0.9500. This saw sharp losses for the currency and the AUDGBP traded down to a fresh cycle low of 0.5452 (GBPAUD high of 1.8342) as a result. The move through the psychological level of 0.5500 (1.8182) is a negative sign, and so far there has been little in the way of a bounce from the AUD lows. This keeps the near term focus on the AUD downside. There is not much out in the way of Australian data next week with the highlight being minutes from the last RBA meeting on Tuesday. While from the UK we have inflation, retails sales, GDP, and the minutes from the last BOE meeting.
The current interbank midrate is:    AUDGBP 0.5469    GBPAUD 1.8285

The interbank range this week has been:    AUDGBP 0.5452 - 0.5587    GBPAUD 1.7899 - 1.8342
Tuesday 10th December 2:00PM (NZT)
The Australian dollar has been in a broad downtrend against the Pound Sterling since earlier this year. The latest leg of that trend started in early November from around the 0.5950 (1.6807) area. Last week, in the wake of the soft GDP figure, the pair touched fresh cycle lows just under 0.5500 (above 1.8182). We got a decent recovery from those AUD lows that was helped by some wild volatility on Friday night after the release of the US employment report. The GBP seemed to be held back from gains as most other currencies appreciated against the USD, and this saw the AUDGBP trade up to 0.5570 (down to 1.7953) . We then had much better than expected Chinese export data released over the weekend and this gave the Australian dollar an extra boost early yesterday. The GBP however, decided to play ‘catch up’ last night and appreciated across the board. This dragged the cross to the AUD down from its highs and the risks look set for another test of 0.5500 ( up to 1.8182) over the course of the week. From Australia this week we have consumer sentiment, inflation expectations, and employment data to digest. While from the UK we get data on manufacturing production, industrial production, and the trade balance tonight, followed by an estimate of monthly GDP tomorrow.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5533 0.5500 0.5700 0.5498 - 0.5587
GBP/AUD 1.8073 1.7544 1.8182 1.7899 - 1.8188

Friday 6th December 3:00PM (NZT) - Update
The Australian dollar saw bouts of intense selling pressure this week on the back of the RBA rate statement and then again after the soft GDP figure. This caused the cross to the GBP to trade to fresh cycle lows around 0.5500 (highs 1.8182). That psychological level has managed to contain the downside for now, and we have seen a decent bounce in the last 24 hours. From the UK, data continues to be supportive of the on-going recovery, although the GBP has failed to benefit much from that in recent days. For the AUD, the risks are still to the downside, although this pair has fallen a long way in the past couple of weeks and a nasty upside correction could eventuate if resistance at 0.5580 (support at 1.7921) is overcome. From Australia next week we have business confidence, consumer sentiment, and employment change data. While from the UK, we have manufacturing data and a speech from governor Carney to digest.
The current interbank midrate is:    AUDGBP 0.5544    GBPAUD 1.8038

The interbank range this week has been:    AUDGBP 0.5498 - 0.5586    GBPAUD 1.7902 - 1.8188
Tuesday 3rd December 2:30PM (NZT)
With continued strong data coming out of the UK, and Australian domestic releases being patchy at best, this pair has lost a lot of ground over the last two weeks. An improvement in Chinese manufacturing data over the weekend has helped the pair stabilize, but there has been little in the way of a meaningful AUD bounce. The two economies are on diverging paths as the UK recovery continues to gain strength and Australia struggles to transition away from mining investment to other drivers of growth. As a result this pair made fresh AUD cycle lows last week at 0.5536 (highs at 1.8064) and has only managed a small recovery. Key topside resistance comes in around 0.5730 (support around 1.7452), but I would be surprised to see that troubled with all the risks still skewed to the downside. There will be plenty to digest this week starting with the RBA rate statement this afternoon. The UK also has their rate decision on Thursday along with readings on the construction and service sectors of the economy.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5565 0.5530 0.5730 0.5536 - 0.5691
GBP/AUD 1.7969 1.7452 1.8083 1.7572 - 1.8064

Friday 29th November 3:30PM (NZT)
The UK Pound has been a strong performer lately as the economic outlook there continues to improve. Evidence of which is that the Bank of England is withdrawing some support for the housing market in the form of the funding for lending scheme. The Australian dollar on the other hand has been suffering from some very negative sentiment and an economy that is struggling to transition from mining investment to domestic demand. There was however some encouraging data this week with Australian capital expenditure figures should a solid improvement. That give the AUD a temporary boost, but by and large the GBP has outperformed the AUD over the last five days. Fresh cycle lows have been set very recently at 0.5539 (1.8054) and the down side remains the focus. From Australia next week there is plenty of data with building approvals, retail sales, the RBA rate statement, GDP, and the trade balance all scheduled to hit the wires. While from the UK we have PMI surveys for the manufacturing, construction, and service sectors, along with the BOE rate decision.
The current interbank midrate is:    AUDGBP 0.5545    GBPAUD 1.8034

The interbank range this week has been:    AUDGBP 0.5542 - 0.5691   GBPAUD 1.7572 - 1.8044
Tuesday 26th November 4:30PM (NZT)
Weakness in the Australian dollar was the key factor in this pair breaking to fresh cycle lows late last week. The AUD was weighed on by the Fed minutes, an IMF report, and comments from RBA governor Stevens which all combined to see it lose substantial ground. The pair barely paused as it broke below the previous low of 0.5720 (high of 1.7483). The AUD pressure continued in the early stages of this week with the cross trading down to 0.5626 (up to 1.7775). We have seen a small recovery from that AUD low, but the damage has been done and once this corrective bounce runs out of steam expect sellers to re-emerge and force another test lower. The only domestic data of note from Australia this week is private capital expenditure figures on Thursday. From the UK we have BOE officials testifying tonight in front of a parliamentary committee, then later in the week we get the second estimate of GDP, the BOE financial stability report, and speech from BOE Governor Carney.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5684 0.5580 0.5780 0.5626 - 0.5860
GBP/AUD 1.7593 1.7301 1.7921 1.7064 - 1.7775

Friday 22nd November 2:30PM (NZT)
After a fairly uneventful start to the week, the Australian dollar has seen some material pressure from the GBP over the last couple of days. The AUD weakness has been driven by a few different factors. Primarily, the start of the move was driven by the weakness in the AUD following the US Federal Reserve’s monetary policy meeting minutes. This then combined with a call from the IMF that the AUD was 10% overvalued, and the RBA Gov. Steven’s lip service to a lower AUD late yesterday. Given the current momentum, it would not surprise to see the pressure continue, albeit any further GBP gains should be harder fought. The primary UK focus for this pair next week will come from the preliminary release of the UK Q3 GDP. In Australia, the private capital expenditure numbers on Thursday will also be closely watched.
The current interbank midrate is:    AUDGBP .5700    GBPAUD 1.7544

The interbank range this week has been:    AUDGBP .5694 - .5860    GBPAUD 1.7065 - 1.7562
Tuesday 19th November 2:30PM (NZT)
This pair has been in a consistent AUD downtrend for much of the past two weeks, however losses seem to have paused over the past few days. Some positive risk sentiment on the back of reform news out of China has helped to boost the relative performance of the AUD. This caused some small upside price action in the pair at it traded up to 0.5840 (down to 1.7123) last night. That move has raised doubts about the prospect of further downside and leaves the pair with little in way of immediate direction. The RBA minutes just released have been of limited impact however we do hear from Governor Stevens again on Thursday. From the UK we have minutes from the last BOE meeting, along with headlines from a number of on the record speeches that are scheduled.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5820 0.5820 0.6020 0.5781 - 0.5883
GBP/AUD 1.7182 1.6611 1.7182 1.6998 - 1.7298

Friday 15th November 2:00PM (NZT) - Update
The Australian dollar has continued to lose ground against the UK Pound this week, although there have been some sharp moves to the topside on occasion. Surprisingly soft UK inflation data on Tuesday night caused one such move as the GBP was sold heavily across the board. But this was followed on Wednesday by better UK employment data and a very upbeat tone from the Bank of England in their inflation report. As a result the GBP recovered all the lost ground and some relative weakness in the AUD has kept the downside in play for this pair. There is little in way for support until the 0.5740 (resistance 1.7422) level that is protecting the AUD cycle lows of 0.5720 (1.7483) set back in August. There seems a good chance we could retest those AUD lows in the coming week. Next week is another light for data in Australian with only the leading index and minutes from the last RBA monetary policy meeting set for release. From the UK we have BOE minutes, public sector net borrowing, and industrial order expectations to digest.
The current interbank midrate is:    AUDGBP 0.5809    GBPAUD 1.7215

The interbank range this week has been:    AUDGBP 0.5781 - 0.5883   GBPAUD 1.6998 - 1.7298
Tuesday 12th November 2:30PM (NZT)
The Australian dollar has continued to lose ground to the UK Pound of the course of the last week. Soft Australian employment data last Thursday didn’t help and neither did much better than expected results from US GDP and payrolls data. In the wake of both those releases the AUD underperformed the GBP. From the UK the data has continued to be very supportive of the economic recovery and that should be further underline this week when we get UK inflation, employment, and retail sales. We also have the Bank of England’s inflation report and a speech from Governor Carney to digest. From Australia we have consumer sentiment, wage price index, and inflation expectations to draw focus. The risks for the pair remain to the downside and a test of support around 0.5820 (resistance around 1.7182) could well be seen over the coming days.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5844 0.5820 0.6020 0.5846 - 0.5964
GBP/AUD 1.7112 1.6611 1.7182 1.6767 - 1.7006

Friday 8th November 2:00PM (NZT) - Update
This pair has consistently lost ground over the course of the week. From the UK we have seen very good data supporting the on-going recovery, while from Australia the employment numbers yesterday were surprisingly poor. Then last night we saw some ‘risk off’ sentiment that caused more AUD selling in the wake of better US GDP. This resulted in a 1% fall in US stock markets, and we now have the AUDGBP pairing is trading near its lows for the week (GBPAUD highs). The risks continue to be skewed to the downside, especially as the pair holds below 0.5890 (above 1.6978). We could easily see a move toward support at 0.5820 (1.7182). Next week is relatively light on economic news from Australia with Tuesday’s NAB business confidence data offering the primary focus. From the UK we have inflation, unemployment, and retail sales on the calendar.
The current interbank midrate is:    AUDGBP 0.5868    GBPAUD 1.7042

The interbank range this week has been:    AUDGBP 0.5868 - 0.5964   GBPAUD 1.6767 - 1.7042
Tuesday 5th November 1:30PM (NZT)
This AUD has put in some decent gains from lows seen late last week. The appreciation of the Australian dollar over the UK Pound in the last few days has come even as data from the UK continues to support the on-going recovery. But it seems weakness in the Euro-area and the Euro currency recently has weighed on the GBP to a degree. There will be plenty to digest this week that could influence the pair. The Reserve Bank of Australia (RBA) cash rate decision later this afternoon could easily impact. Although it’s becoming more and more likely we have seen the end of rate cuts from the bank, they will still try to talk the currency down by mentioning it’s ‘overvalued’ or ‘not supported by fundamentals’. Then on Thursday we have Australian employment data ahead of the Bank of England (BOE) monetary policy decision later that evening.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5955 0.5820 0.6020 0.5890 - 0.5964
GBP/AUD 1.6793 1.6611 1.7182 1.6767 - 1.6978

Friday 1st November 3:00PM (NZT) - Update
There has been little real direction in this pair over the course of the week. Comments from RBA Governor Stevens early in the week saw the AUD lose some ground but since then price action has traded sideways around 0.5910 (1.6920) level. Yesterday we got very strong building approvals data from Australia that helped the AUD make some gains, but overnight these have been reversed, and the AUD now trades near its lows for the week against the GBP. The risks are still skewed to downside AUD, with continued strong data coming out of the UK. To that extent next week from the UK we get readings on the construction and service sectors followed by the Bank of England (BOE) rate meeting and statement. But from Australia too, we have some key data. Retail sales, the RBA rate statement, trade balance, and employment numbers are all set for release, so this pair could be in for a wild ride over the coming week.
The current interbank midrate is:    AUDGBP 0.5907    GBPAUD 1.6929

The interbank range this week has been:    AUDGBP 0.5890 - 0.5942   GBPAUD 1.6829 - 1.6978
Tuesday 29th October 3:00PM (NZT)
As the Australian dollar gave up some of its recent gains last week, its lost some of its recent appreciation over the GBP. Solid GDP data from the UK on Friday only served to support the move as the pair traded down to 0.5906 (up to 1.6932). We saw a small recovery in the early stages of this week but in the last few hours the AUD has come back under pressure after comments from RBA Governor Stevens. This has seen the AUDGBP back towards recent lows (GBPAUD to highs) and all the risks remain skewed to the AUD downside. The target at this point is a test of support at 0.5820 (resistance 1.7182). From Australia this week we get building approvals and new home sales on Thursday, and then on Friday we have producer prices data. While from the UK we should continue to get strong numbers this week when we see lending data, house price index, and a reading on the manufacturing sector.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5930 0.5820 0.6020 0.5906 - 0.6005
GBP/AUD 1.6863 1.6611 1.7182 1.6653 - 1.6932

Friday 25th October 1:30PM (NZT) - Update
We have seen some choppy price action in this pair over the last few days. The week started off quietly enough with the cross trading around 0.5980 (1.6722) but when Australian inflation data hit the wires it gave the Australian dollar a boost and this pair traded up to the weeks high at 0.6005 (lows 1.6653). Those highs didn’t last long however, as a wave of selling hammered Australasian currencies after concerns about the Chinese banking system saw risk assets dumped. The cross quickly traded down to 0.5942 (up to 1.6829) before the AUD regained some composure. But the AUD downside continued, helped by increased demand for the UK pound after the Bank of England minutes. They revealed the BOE has upgraded growth forecasts and have no concerns at all over recent gains in the Pound. Support for the cross comes in at 0.5900 (resistance 1.6949) while the topside runs into resistance around 0.6000 (support 1.6667). From Australia next week we get new home sales, building approvals, private sector credit, and producer prices. While from the UK we have house prices, consumer confidence, and manufacturing data to digest.
The current interbank midrate is:    AUDGBP 0.5930    GBPAUD 1.6863

The interbank range this week has been:    AUDGBP 0.5921 - 0.6005    GBPAUD 1.6653 - 1.6889
Tuesday 22nd October 2:20PM (NZT)
The Australian dollar has seen good appreciation against a number of currencies over the last week, and against the UK Pound is no exception. The highs of 0.5998 (lows of 1.6672) traded on Thursday and the market has maintained an AUD positive tone since then currently sitting not far below there at 0.5985 (1.6708).  A move up through 0.6000 (down through 1.6667) could open the way for gains to the next level of resistance around 0.6100 (support around 1.6393). Initial downside support comes in at 0.5925 (resistance at 1.6878), although the market hasn’t come close to testing that recently. At the moment, the risks are skewed to further AUD gains. Australian inflation data on Wednesday will be closely watched, as will the Bank of England monetary policy meeting minutes, and UK GDP, which is expected to show continued improvement in the UK economy.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5984 0.5820 0.6020 0.5932 - 0.5998
GBP/AUD 1.6711 1.6611 1.7182 1.6672 - 1.6858

Friday 18th October 2:00PM (NZT) - Update
The Australian dollar continued to make gains against the UK Pound in the first part of the week. This was helped by the RBA minutes that confirmed the neutral stance of the central bank, and a positive risk sentiment that returned to the market as a deal in the US was reached. But the UK has also seen good data again this week in the form of very low unemployment claims and better than expected retail sales. These combined to eventually see demand return for the GBP and that has caused the cross to the AUD to pull back from the spike higher we saw on Wednesday night. It looks like initial support at 0.5940 (resistance at 1.6835) will be tested and reaction here could dictate near term direction. A bounce from there would be positive sign and the market could have another crack towards 0.6000 (1.6667). A move below 0.5940 (above 1.6835) would however turn the picture a little negative in the near term. Next week from Australia we have inflation data and the RBA annual report to draw focus. While from the UK we get data on public sector borrowing, the BOE minutes, and the preliminary reading of GDP to digest.
The current interbank midrate is:    AUDGBP 0.5954    GBPAUD 1.6795

The interbank range this week has been:   AUDGBP 0.5900 - 0.5998    GBPAUD 1.6672 - 1.6949
Tuesday 15th October 2:20PM (NZT)
This AUD had a sharp move higher after last week surprisingly soft UK industrial production number. The pair was quickly testing resistance around 0.5930 (support around 1.6863), and although it took a couple of days to overcome that level, it seems we have now got a solid break above there. This is a positive for near term direction for the AUD. The latest move higher comes on the back of Australian dollar strength as a return of wider market risk appetite has come back into the market. This is thanks to expectation of a deal being reached in the US. Later this week from Australia, we get business confidence data and a speech from RBA Governor Stevens to focus on. While from the UK we get inflation, employment and retail sales figures.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5959 0.5820 0.6020 0.5844 - 0.5959
GBP/AUD 1.6779 1.6611 1.7182 1.6781 - 1.7112

Friday 11th October 12:00PM (NZT) - Update
The Australian dollar has continued to appreciate against the UK Pound after making good gains late last week. Most of this week’s gains came as the Pound lost ground across the board on the back of surprisingly soft industrial production data. That saw the pair test resistance around 0.5930 (support 1.6863) and although that level has held so far, the pullback has been limited and we could easily see another crack higher. 0.5930 (1.6863) is a big level though, and it will prove tough to overcome. Data from the UK next week includes inflation, unemployment, and retail sales. While from Australia we get the minutes from the latest RBA meeting along with data on home loans and motor vehicle sales.
The current interbank midrate is:    AUDGBP 0.5918    GBPAUD 1.6898

The interbank range this week has been:    AUDGBP 0.5844 - 0.5937   GBPAUD 1.6844 - 1.7112
Tuesday 8th October 2:15PM (NZT)
After a dip to 0.5750 (rally to 1.7391) last Wednesday in the wake of soft building approvals and trade balance data, the Australian dollar has seen substantial appreciation against the UK Pound. Some of this was on the back of a recovery in the AUD off those post data lows, but a good chunk of the move came on Friday evening as a rumoured large sell order hit the GBP. That flow kept the GBP on the back foot into the weekend and saw the cross trade as high as 0.5892. However, with little in the way of fundamental news backing the GBP move, the market has retraced some of those gains and the pair now trades back towards 0.5850. Any further potential strength will run into solid resistance towards 0.5930 and this should cap price action in the near term. Key releases to watch for this week will be Australian employment data on Thursday, followed by the BOE rate decision later that evening.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5863 0.5820 0.5930 0.5745 - 0.5892
GBP/AUD 1.7056 1.6863 1.7182 1.6972 - 1.7406

Friday 4th October 2:00PM (NZT) - Update
The Australian dollar got a boost in the early part of the week from the very neutral RBA statement. That saw the cross to the UK Pound bounce sharply off recent lows around 0.5745 (highs around 1.7406). The pair did give back much of the gains after building consents and trade balance data disappointed, but again support at 0.5745 (resistance at 1.7406) held and we have since seen a promising rally from there. This latest strength in the cross looks to have come as the GBP may finally be running out of a little steam. The GBP has made good gains over recent weeks on the back of very good data, but it looks due for a correction of some sort and in the last 2 days it has failed to make further gains on what has been continued decent data. This means the AUDGBP could be in for some further upside, at least in the near term. As I write this the pair is testing resistance around 0.5820 (support at 1.7182). A sustained move up through there would confirm the near term positive outlook and target a move toward 0.5920 (1.6892) initially. Next week from Australia we have consumer sentiment, business confidence and employment data to digest. While from the UK the focus will be on manufacturing production, trade balance, and the BOE’s cash rate meeting.
The current interbank midrate is:    AUDGBP 0.5828    GBPAUD 1.7159

The interbank range this week has been:    AUDGBP 0.5745 - 0.5828   GBPAUD 1.7159 - 1.7406
Tuesday 1st October 2:15PM (NZT)
This pair has come close to testing recent cycle lows at 0.5720 (highs at 1.7483) as the UK Pound Sterling continues to outperform the Australian dollar. Strong data from the UK has continued with the most recent house price data showing broad based gains. Whether or not the AUD will test fresh lows will likely be determined by the RBA monetary policy statement later this afternoon. The language in that statement could well set the tone for the AUD in the near term. Later this week we also have key UK data in the form of readings on the manufacturing, construction, and service sectors.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5755 0.5820 0.5930 0.5743 - 0.5895
GBP/AUD 1.7376 1.6863 1.7182 1.6964 - 1.7413

Friday 27th September 2:00PM (NZT) - Update
The Australian dollar has weakened a touch against the UK Pound Sterling this week. With little of domestic focus out of Australia, the driving force for the pair has been continued strong data from the UK. There continues to be a small downside bias but the pair needs to break below minor support at 0.5815 (resistance at 0.5815), and so far this week it has failed to do so. A move below that level will bring the recent cycle lows of 0.5723 (highs of 1.7473) into focus. Next week we have the RBA rate decision and statement to digest, while from the UK the focus will be on surveys from the manufacturing, construction, and service sectors.
The current interbank midrate is:    AUDGBP 0.5838    GBPAUD 1.7129

The interbank range this week has been:    AUDGBP 0.5818 - 0.5895    GBPAUD 1.6964 - 1.7188
Tuesday 24th September 2:00PM (NZT)
It would be fair to say there has been little overall direction for this pair in the past two weeks. Trading has been characterised by choppy price action between 0.5820 and 0.5920 (1.6893 and 1.7182) and this looks set to continue in the near term. With the AUD coming under a little pressure today we could see a move to the lower end of that range over the coming 24 hours. There is little in the way for domestic data from Australia this week with on the RBA financial stability review out tomorrow, while from the UK we have a number of BOE speakers, along with house price data, current account and the final reading of GDP.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5868 0.5820 0.5930 0.5842 - 0.5925
GBP/AUD 1.7042 1.6863 1.7182 1.6878 - 1.7117

Friday 20th September 2:00PM (NZT) - Update
We have seen some choppy price action for this pair over of the week with just a slight AUD upside bias. The Australian dollar gained some ground against the Pound Sterling in the wake of the Fed’s no-taper announcement and the pair traded up to resistance at 0.5920 (support 1.6892), before pulling back to 0.5880 (bouncing to 1.7007). While resistance around 0.5920 ( support 1.6892) caps the AUD  topside we can expect more back and forth action between there and 0.5820 (1.7182). A move up though 0.5920 (1.6892) would be a positive sign for the AUD and open the way for broader gains, but this could be tough in the near term with a lack of real momentum. Next week from the UK we have the house price index, current account, and final reading of GDP to focus on. While from Australia there is a very light economic calendar with only the RBA annual report and financial stability review scheduled for release.
The current interbank midrate is:    AUDGBP 0.5892    GBPAUD 1.6972

The interbank range this week has been:    AUDGBP 0.5842 - 0.5925  GBPAUD 1.6878 - 1.7117
Tuesday 17th September 2:00PM (NZT)
The Australian dollar lost a lot of ground against the UK Pound Sterling in the wake of the poor Australian employment figures last week. That data was in stark contrast to the UK employment numbers that continue to surprise on the upside. Heading into the weekend the AUD continued to drift lower against the GBP trading near 0.5820(1.7180). But yesterday morning the AUD materially outperformed the GBP, gapping higher on the back of the Larry Summers announcement. This saw the cross trade all the way back up to 0.5893 (below 1.6970) before pulling back to currently sit just above 0.5850 (below 1.7095). In the last hour we have seen the release of the minutes from the last RBA meeting. They confirm a more neutral stance saying a rate cut is not imminent, but do not completely rule one out either. This has seen the AUD gain a little ground as a result. Near term direction is tough call from here with price action likely contained within the 0.5820 to 0.5920 (1.6890- 1.7180) range ahead of the Fed’s announcement on tapering later this week.  We get UK inflation data tonight which will be closely watched, as will the Bank of England minutes on Thursday.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5855 0.5730 0.5930 0.5820 - 0.5923
GBP/AUD 1.7079 1.6863 1.7452 1.6883 - 1.7182

Friday 13th September 2:00PM (NZT) - Update
The Australian dollar was seeing gradual appreciation against the UK Pound Sterling early in the week, but the tide turned after employment data from both countries showed very divergent paths. The UK produced some solid employment figures with the unemployment rate dropping a touch to 7.7%. This saw increased demand for the GBP and held its slide against the AUD. Then came the Australian employment report and it really was a shocker. The AUD immediately came under all sorts of pressure and against the GBP plummeted. The low for the week traded last night at 0.5836 (high 1.7135) and since then there has only been a small AUD recovery. The sharp rejection from resistance around 0.5930 (support 1.6863) now leaves the pair looking vulnerable. If support around 0.5830 (1.7153) gives way we will quickly target 0.5780 (1.7301) ahead of recent cycle lows at 0.5720 (highs 1.7483). Next week from the UK we get inflation, the BOE minutes, and retail sales. While from Australia we have the RBA minutes to focus on.
The current interbank midrate is:    AUDGBP 0.5864    GBPAUD 1.7053

The interbank range this week has been:    AUDGBP 0.5836 - 0.5923    GBPAUD 1.6883 - 1.7135
Tuesday 10th September 2:00PM (NZT)
Gains in the Australian dollar over the past week have seen the cross to the Pound Sterling recover from recent lows near 0.5750 (1.7391). These gains have come on the back of a more neutral RBA as well as better data out of Australia and China. Resistance around 0.5930 (support 1.6863) has yet to be tested and this level needs to be overcome before further gains can be considered. This week has started off quietly and it remains to be seen whether Australian data in the form of business confidence, consumer sentiment, and employment figures will provide the impetus for such a move. The UK has a light economic calendar this week with just the unemployment data on Wednesday and inflation report on Thursday to focus on.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5893 0.5730 0.5930 0.5766 - 0.5893
GBP/AUD 1.6969 1.6863 1.7452 1.6969 - 1.7343

Friday 6th September 2:00PM (NZT) - Update
We have seen a positive week for this pair thanks in most part to strength in the Australian dollar. The week started off well with a reduction in market risk aversion combining with better Chinese data that saw the AUD perform strongly. The gains continued as the RBA left rates unchanged and move towards a neutral stance. Slightly better GDP data from Australia also helped as the pair traded up to 0.5882 (down to 1.7001). AUD gains have been limited to there, as the GBP is also finding strength from better domestic data. Support now comes in around 0.5800 (resistance 1.7241) and while the market holds above there the focus remains on the AUD topside. The initial target is resistance near 0.5930 (support 1.6863). The election this weekend shouldn’t hold any surprises and hence have a limited impact on the currency. Aside from that, next week we have business confidence, consumer sentiment, and employment data to focus on out of Australia. While from the UK employment data will be keenly watched.
The current interbank midrate is:    AUDGBP 0.5850    GBPAUD 1.7094

The interbank range this week has been:   AUDGBP 0.5751 - 0.5882  GBPAUD 1.7001 - 1.7388
Tuesday 3rd September 4:00PM (NZT)
Although the broader trend for the AUD against the GBP is down, the last week has seen mostly sideways directionless trading. Recent cycle lows of 0.5720 (highs 1.7483) have not been tested and the AUD is currently headed toward the top of its recent range against the GBP. This comes even as manufacturing data from the UK last night points to growing momentum in their economy. The Australian dollar is benefiting in the early part of this week from reduced risk aversion and improving data out of China. There is however a lot more to come from both countries this week starting with the RBA rate decision later today. Then from the UK this week we get readings on the construction and service sectors ahead of the Bank of England rate announcement on Thursday night.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5785 0.5700 0.5900 0.5730 - 0.5813
GBP/AUD 1.7286 1.6949 1.7544 1.7203 - 1.7452

Friday 30th August 2.00PM (NZT) - Update
This pair has seen mostly sideways action this week with an ever so slight downside bias. Poor Australian data on construction output and new home sales hasn’t helped the Australian dollar's value versus the Pound Sterling, while the market has taken a somewhat positive view on the GBP in the wake of Governor Carneys speech on Wednesday. The market has managed to hold above recent cycle lows set at 0.5720 (1.7483) late last week, and that level now marks the first line of support. The broader trend is certainly down and that keeps the risks skewed to further losses at some stage, although there seems a lack of momentum for such a move right now. We could well see some more consolidation around current levels before that happens. Only a move up through topside resistance at 0.5920 (1.6892) would change the broader outlook. There is plenty to focus on next week from the UK with the release of indexes from the manufacturing, service, and construction sectors, as well as the BOE policy meeting. While from Australia we have building approvals, retails sales, GDP, and the RBA policy meeting all set for release.
The current interbank midrate is:    AUDGBP 0.5763    GBPAUD 1.7352

The interbank range this week has been:   AUDGBP 0.5730 - 0.5813   GBPAUD 1.7203 - 1.7452
Tuesday 27th August 4:00PM (NZT)
After trading to fresh cycle lows mid last week the Australian dollar put in a small recovery towards resistance at 0.5800 (support at 1.7241). The AUD needed to overcome that resistance to take pressure off the downside, but failed to do so in the early part of this week which has left the pair looking vulnerable. In the last few hours amid rumours of a US strike on Syria we saw some risk aversion in the market which caused some sharp selling of AUD. That has seen this pair down to 0.5760 (up to 1.7361) so far, and left it looking very soft. The risk for this week is centred around a speech by Bank of England Governor Carney tomorrow night. It seems likely he will try to talk the GBP down to a degree and that may enable this pair to once again test the 0.5800 (1.7241) resistance level. The level must be overcome to take immediate pressure off the downside. Later this week from Australia we get data on construction output, capital expenditure, and private sector credit to digest.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5772 0.5700 0.5900 0.5720 - 0.5835
GBP/AUD 1.7325 1.6949 1.7544 1.6938 - 1.7138

Friday 23rd August 2.00PM (NZT) - Update
The Australian dollar traded down to fresh cycle lows this week against the UK Pound Sterling. All the UK data of late has supported the outlook for an on-going UK recovery and this combined with a soft AUD to see fresh AUD lows at 0.5720 (high at 1.7483) trade. The pair bounced off those lows yesterday, thanks in large part to some better manufacturing data out of China that helped to support the AUD. But as long as 0.5800 (1.7241) caps any strength, the focus remains the downside for the AUD. Tonight could be key with the second reading of UK GDP set for release. There has been plenty of talk that it could be revised higher and that would lend further support to the GBP. Next week from the UK we get house prices data, CBI realized sales, and consumer confidence to focus on. While from Australia there is construction, home sales, private sector credit, and private sector expenditure to digest.
The current interbank midrate is:    AUDGBP 0.5796    GBPAUD 1.7253

The interbank range this week has been:    AUDGBP 0.5720 - 0.5904   GBPAUD 1.6638 - 1.7483
Tuesday 20th August 3:00PM (NZT)
The Australian dollar has been losing ground against the GBP for much of the past week. This has been due to the consistently stronger data coming out of the UK and the very uninspiring economic numbers coming out of Australia. Over the last 24 hours the AUD, NZD, and CAD all seemed to come under some pressure relative to other currencies. This saw the AUDGBP pairing fall from 0.5900 (rally from 1.6949) to 0.5817 (1.7191). We may get a small bounce from here, but the focus is firmly on a test of recent lows at 0.5768 (1.7337). The GBP should remain supported heading into Friday’s second estimate of GDP that many are predicted to be revised higher.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5805 0.5750 0.5950 0.5817 - 0.5918
GBP/AUD 1.7227 1.6707 1.7391 1.6898 - 1.7191

Friday 16th August 2.00PM (NZT) - Update
The Australian dollar has been outperformed by the UK Pound for much of the past week. We have seen very subdued data from Australia, while from the UK the economic numbers have consistently beaten expectations. A real recovery looks to be cementing itself in the UK at the moment and this should keep the GBP well supported. Recent cycle lows at 0.5768 (highs at 1.7337) are in focus at the moment and the downside remains the risk. It will take a move up through 0.5950 (down through 1.6807) to take the immediate pressure off the downside and signal a broader recover might be underway. Until then, expect further tests lower. There is some second tier data out of the UK next week which shouldn’t trouble the market, while in Australia the focus will be on the RBA monetary policy meeting minutes released on Tuesday.
The current interbank midrate is:    AUDGBP 0.5850    GBPAUD 1.7094

The interbank range this week has been:    AUDGBP 0.5835 - 0.5949   GBPAUD 1.6810 - 1.7138
Tuesday 13th August 3:00PM (NZT)
The recent recovery in the Australian dollar has been mirrored in the cross rate to the UK Pound Sterling. After bouncing from cycle lows at 0.5768 (1.7337) mid last week, the AUD made gains against the GBP that peaked at 0.5949 (1.6810) yesterday. Better Chinese data aided these gains in the second half of last week. The United Kingdom however has also had a good recent run of data, and if this continues there is plenty of room for the GBP to appreciate. To that extent we get inflation data out of the UK tonight, while later in the week we have the Bank of England (BOE) minutes, unemployment rate, and retail sales. From Australia consumer sentiment tomorrow, then later in the week we get wage price index and inflation expectations.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5904 0.5750 0.5950 0.5768 - 0.5949
GBP/AUD 1.6938 1.6807 1.7391 1.6810 - 1.7337

Friday 9th August 2.00PM (NZT) - Update
It has been an interesting week for the AUDGBP pair, with the weeks high and low trading within 90 minutes of one another. Both those extremes we touched in the wake of the BOE’s announcement on forward guidance. The initial reaction of the market was to sell the GBP as Governor Carney tied monetary policy to the unemployment rate. This saw the AUD spike to it’s highs over the GBP for the week. This was very short lived however, as further details were announced that somewhat undermine the entire forward guidance exercise. This cause broad based GBP buying which is much more in line with the better run of UK data we have seen over the past couple of weeks. With the AUD against the GBP having snapped from its highs to its lows in a little over an hour, things eventually settled down a bit and the pair began to recover. This recovery was helped by much better than expected Chinese trade data which supported the AUD. The pair is currently trading back up over 0.5850 (1.7094). Minor resistance around 0.5870 (support 1.7036) protects the bigger level of 0.5920 (1.6892). It will take move up through that level to take the pressure off the downside. Until then the risk remains for further losses for the AUD.
The current interbank midrate is:    AUDGBP 0.5860    GBPAUD 1.7065

The interbank range this week has been:   AUDGBP 0.5768 - 0.5873   GBPAUD 1.7027 - 1.7337
Tuesday 6th August 1:45PM (NZT)
The Australian dollar has been materially outperformed by the Pound Sterling over the past week. The GBP has benefited from a string of better than expected results recently. Solid readings on the construction, manufacturing, and service sectors have helped the GBP. That said, gains for the UK currency have been limited somewhat in the lead up to tomorrow night’s Bank of England inflation report which will be key. On the other hand the AUD has suffered as expectations of a 25 point rate cut by the Reserve Bank of Australia at this afternoon's meeting have gained widespread support. These two central bank events are key for the pairs near term direction. Later in the week we also get data on Australian employment and the UK trade balance.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5805 0.5700 0.5900 0.5792 - 0.6003
GBP/AUD 1.7227 1.6949 1.7544 1.6658 - 1.7265

Friday 2nd August 2.00PM (NZT) - Update
It has been a tough week for the Australian dollar on all of its crosses, and against the Pound Sterling is no exception. The AUD’s fate was set on Tuesday after RBA governor Stevens sounded very much like a man ready to cut interest rates. This saw the sharpest move of the week as the AUDGBP fell from around 0.6000 (1.6667) to near 0.5900 (1.6949) in a few hours. Since then the pace of decline has slowed but it hasn’t stopped, with fresh cycle lows being made at 0.5873 (1.7027). These lows come as Australian manufacturing data disappointed badly yesterday, and the UK manufacturing data came in well above expectation overnight. Next week will be a big one for this pair as we have the RBA rate announcement along with the BOE’s quarterly inflation report. Released along with the inflation report will be more details on the BOE’s new policy of ‘forward guidance.’
The current interbank midrate is:    AUDGBP 0.5885    GBPAUD 1.6992

The interbank range this week has been:   AUDGBP 0.5873 - 0.6028   GBPAUD 1.6589 - 1.7027
Tuesday 30th July 4:45PM (NZT)
The failure of the AUD to push on up through 0.6020 resistance (below 1.6611) late last week has left the AUD looking vulnerable. It has now turned lower in the direction of the broader long term trend. Currently trading around 0.5936 (1.6846) the risks are all skewed to the downside and further AUD losses. The target at this point is the recent cycle lows of 0.5914 (1.6909). Comments from RBA governor Steven this afternoon have help the weakness. He has stated that the recent inflation data leaves room to cut interest rates further. He also still sees the AUD as overvalued, and expect further declines. A break below 0.5914 (above 1.6909) would be a very weak sign for the AUD, and the target would then move to 0.5780 (1.7301) ahead of the longer term goal of 0.5465 (1.8298). There will likely be plenty of further volatility this week with the Fed and BOE policy decisions still to come.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5927 0.5900 0.6100 0.5924 - 0.6035
GBP/AUD 1.6872 1.6393 1.6949 1.6570 - 1.6880

Friday 26th July 2.00PM (NZT) - Update
After drifting sideways in directionless trade in the first half of the week, the AUDGBP turned negative thanks to weakness in the Australian dollar (GBPAUD gained). That AUD weakness was as a result of very poor manufacturing numbers out of China, and it saw the pair trade as low at 0.5947 (high 1.6815). We have seen a partial recovery overnight, but the pair is struggling to get above resistance at 0.6020 (below support 1.6611) and this keeps the focus on the downside for the AUD. Recent cycle lows at 0.5914 (highs 1.6909) could well be tested. Next week will be a big one with the Bank of England monetary policy decision and accompanying statement. The market will be eager to see what further details the bank will give on forward guidance.
The current interbank midrate is:    AUDGBP 0.6018    GBPAUD 1.6617

The interbank range this week has been:   AUDGBP 0.5947 - 0.6057   GBPAUD 1.6510 - 1.6815
Tuesday 23rd July 3:00PM (NZT)
After retreating from gains above 0.6100 (below 1.6393) in the middle of last week, this pair has since seen mostly sideways action in a tight range. The down side has been supported by 0.6000 (1.6667), while gains have been capped at 0.6045 (1.6543). The two key events this week are Australian inflation and UK GDP figures. Near term direction is a tough call at the moment, however and break below 0.6000 (1.6667) would be a weak signal for the AUD, and open the way for a test back to recent lows around 0.5915 (highs 1.6906). Increased AUD demand would find resistance comes in between 0.6160 - 0.6180 (support1.6181 - 1.6234) and should prove a tough barrier to overcome.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6037 0.5960 0.6160 0.5997 - 0.6122
GBP/AUD 1.6565 1.6234 1.6779 1.6335 - 1.6675

Friday 19th July 12.00PM (NZT) - Update
It’s been a week of two halves for the AUDGBP. The first half of the week saw the pair make gains from below 0.6000 (above 1.6667) up to 0.6120 ( low 1.6340) on the back of RBA minutes. Once the AUD buying subsided the pair traded sideways holding above 0.6100 (below 1.6393) but then came the BOE minutes and the surprise 9-0 vote against more QE. The GBP snapped higher across the board, and the pair was pushed back toward 0.6050 (1.6529)  in minutes. Sellers of AUD re-emerged yesterday to push it lower again and the pair now trades around 0.6020 (1.6611). The failure to hold onto gains above 0.6100 (1.6393) has kept the focus firmly on the downside for now. There is some minor support around 0.6000 (1.6667), and a move below there would be a sign of weakness with the likely outcome a test of recent lows near 0.5900 (1.6949). The key releases next week will be Australian inflation and UK GDP.
The current interbank midrate is:    AUDGBP 0.6025    GBPAUD 1.6598

The interbank range this week has been:    AUDGBP 0.5970 - 0.6122    GBPAUD 1.6335 - 1.6750
Tuesday 16th July 3:30PM (NZT)
After touching highs of 0.6186 (1.6166) in the wake of poor manufacturing data last week the AUDGBP cross turned around headed south. This came on the back of weakness in the Australian dollar that was caused by soft Chinese data and comments from Chinese officials. The pair touched its lows on Friday afternoon and has since put in a small recovery. The RBA minutes released this afternoon have been supportive of the AUD as they seem to take a near term cut off the table. This has seen the cross trade up to around 0.6060 (1.6502) so far. The Bank of England minutes have the potential to shake things up as the market looks for clues as to how much influence new governor Mark Carney has had. We also get readings on inflation and retail sales from the UK this week. Support around 0.5950 (1.6807) should contain the downside for now.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6065 0.5960 0.6160 0.5962 - 0.6186
GBP/AUD 1.6488 1.6234 1.6779 1.6166 - 1.6773

Friday 12th July 2:45PM (NZT) - Update
This week has been a game of two halves for this pair. In what has been a volatile week, the start of the week saw the AUD outperform the GBP. The pressure on the GBP came as some weaker UK manufacturing numbers coupled with the markets digestion that the BOE are to initiate forward guidance at monetary policy announcements. However, increasing jitters in China saw the demand for the AUD undermined. The employment numbers were of limited impact also. The 0.6180 (1.6180) level now represents solid resistance on any AUD resurgence. Next week sees the latest RBA monetary policy meeting minutes provide the focus in Australia. The UK has a busy week with inflation on Tuesday, the BOE minutes and employment numbers Wednesday, and retail sales on Thursday. AUD support should come in at the .5980 (1.6720) level, although a break of this level would open up the way for further AUD underperformance. Chinese growth numbers on Monday will also be important, given the close correlation between Chinese growth and the performance of the Australian economy.
The current interbank midrate is:    AUDGBP 0.6036    GBPAUD 1.6570

The interbank range this week has been:   AUDGBP 0.6020 - 0.6186   GBPAUD 1.6166 - 1.6611
Tuesday 9th July 4:00PM (NZT)
Last week may well have proved a turning point for this pairing, at least in the near term. The impact of new Bank of England governor Mark Carney on the GBP has been sharp. In an effort to stamp his mark and reverse the recent increase in interest rates. He has undermined demand for the GBP, which had been performing well in line with recent data. This saw the AUDGBP put in a solid bounce off recent lows and it has so far traded up to 0.6143 (1.6279).. A move up through resistance at 0.6160 (support 1.6234) would confirm the improving picture for the AUD over the GBP. However, AUD gains won’t come easy and we may drift sideways heading into Australian employment figures on Thursday. That data could well determine near term direction for the pair. Before that we get readings on consumer sentiment tomorrow.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6108 0.6000 0.6160 0.59.8 - 0.6143
GBP/AUD 1.6372 1.6234 1.6667 1.6280 - 1.6841

Friday 5th July 2:45PM (NZT) - Update
It’s been a very choppy week for the AUDGBP (GBPAUD) pairing. The AUD fell sharply and made fresh cycle lows at 0.5938 (highs 1.6841) as the Australian dollar came under pressure after the RBA announcement. But the recovery from those AUD lows has been just as sharp, after the Bank of England signaled last night that rates are to stay low for longer than the market was expecting. The GBP suffered badly as a result, and the AUD traded up to its high for the week against the GBP. There is now a good chance that we have seen a medium term low put in place at 0.5938 (high 1.6841), and a broader corrective AUD rally could develop. There is resistance around 0.6100 (support 1.6393) to overcome ahead of 0.6160 (1.6234). A move through that level would confirm the risks have swung around, and are now skewed to the topside for the AUD. US employment data tonight could certainly add volatility, but I would expect AUD support to come in around 0.6000 (resistance 1.6667) on any weakness.
The current interbank midrate is:    AUDGBP 0.6066    GBPAUD 1.6485

The interbank range this week has been: AUDGBP 0.5938 - 0.6092 GBPAUD 1.6415 - 1.6841
Tuesday 2nd July 3:00PM (NZT)
The downtrend of the past two months from the AUD against the GBP seems to have taken a pause, at least for now. With a brightening outlook in the UK and a softer one for Australia, it’s hard to see a turnaround in the overall trend of this pair. However, the market may have gotten a little ahead of itself, and this leaves room for more sideways consolidation, or perhaps even a small corrective bounce from the AUD. The trigger for any such move could come from the RBA today or the Bank of England on Thursday. These are the two key events for the pair this week. Ahead of these events there is minor support around 0.6000 (resistance 1.6666)protecting the recent cycle lows of 0.5926 (highs 1.6875). Any increase in AUD demand will run into resistance around 0.6150 (support 1.6260). A move through that level could signal the start of a much broader corrective rally for the AUD. Other data to watch for includes Australian retail sales and trade balance on Wednesday, and building approvals on Thursday. Out of the UK there are readings on the construction sector tonight, and the service sector tomorrow night.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6057 0.5950 0.6150 0.5958 - 0.6116
GBP/AUD 1.6510 1.6260 1.6807 1.6350 - 1.6783

Friday 28th June 3:15PM (NZT) - Update
The AUDGBP spent the first half of the week in sideways action trading around 0.6000 (1.6667). In the second half of the week the Australian dollar outperformed the Pound Sterling and the pair started to grind its way higher. Last night the cross touched 0.6116 (1.6350) before pulling back and now trades just above 0.6050 (1.6529). There is support around 0.6020 (1.6610) which should contain any further downside in the near term. With both the BOE and RBA rate decisions scheduled for next week, there will be plenty for the market to focus on. Expect a range of 0.6020 - 0.6120 (1.6610 - 1.6340) ahead of those key releases.
The current interbank midrate is:    AUDGBP 0.6060    GBPAUD 1.6502

The interbank range this week has been:   AUDGBP 0.5976 - 0.6116   GBPAUD 1.6350 - 1.6735
Tuesday 25th June 3:20PM (NZT)
After trading down to fresh lows last week after the Fed announcement, the AUDGBP has managed a small bounce to currently trade just below 0.6000 (1.6667). The recovery has been less than convincing though and has failed at the first line of resistance around 0.6020 (1.6611). This leaves the pair looking heavy and further tests lower cannot be ruled out. It will take a move up through 0.6020 to take the immediate pressure off the downside. If the pair can overcome that level the focus will turn to a test of the next resistance at 0.6160. There are plenty of UK releases this week which will likely decide near term direction. We hear from the BOE on inflation, get a speech from governor King, have the financial stability report and government spending review, along with consumer confidence and final GDP readings.
  Current Level Support Resistance Last week's range
AUD/GBP 0.5990 0.5930 0.6130 0.5927 - 0.6101
GBP/AUD 1.6694 1.6863 1.6313 1.6390 - 1.6871

Friday 21st June 3:45PM (NZT) - Update
There was little real direction in the early part of the week for this pair as the market awaited the Fed decision. Trading around 0.6100 (1.6393) at the time of Ben Bernanke’s statement, the pair quickly lost ground as the AUD wore the worst of the initial selling. There was little respite in the hours that followed and overnight the pair trade down to 0.5927 (1.6871) after better than expected UK retail sales figures were released. With the current trend firmly focused on the downside the risk is for further losses. It will take a move back though 0.6060 to change the picture and warn of a potentially bigger correction.
The current interbank midrate is:    AUDGBP 0.5950    GBPAUD 1.6807

The interbank range this week has been:   AUDGBP 0.5927 - 0.6141   GBPAUD 1.6283 - 1.6871
Tuesday 18th June 3:30PM (NZT)
After the recent strong down trend this pair seemed to put a bottom in place, at least temporarily, around 0.6000 (1.6667) in the early part of last week. The recovery off that low has been less than convincing though with the AUDGBP only reaching 0.6159 (1.6236), before turning back down. It currently trades below 0.6100 and there is a real risk of further losses. Release of the RBA minutes today saw a small amount of AUD selling keeping this cross under pressure. With little else out on the domestic front this week it will be offshore events that drive the pair over the coming days. UK inflation tonight will be followed by the US Fed meeting tomorrow and the Bank of England minutes, with retail sales data on Thursday. Until resistance at 0.6170 (1.6207) is overcome, the downside remains the risk.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6060 0.6000 0.6200 0.5999 - 0.6159
GBP/AUD 1.6502 1.6667 1.6129 1.6236 - 1.6670

Friday 14th June 3:15PM (NZT) - Update
The first part of this week saw a continuation of the recent trend. Better data out of the UK supported the Pound and combined with a soft Australian dollar. This saw the cross make fresh lows at 0.5999 (1.6670). A small bounce from there was short lived and the pair again tested toward 0.6000 yesterday, as the AUD in general was dragged down by selling on the AUDJPY cross. Overnight the AUD has finally started to see some real demand and this has helped the pair now stage a much better recovery, trading up over 0.6100. For the time being it seems support around 0.6000 (1.6666) will contain the downside and we are probably in for some consolidation. Expect a range of 0.6000 - 0.6200 (1.6666 - 1.6129) to contain the pair into next week, with the G8 and Fed meeting the key events.
The current interbank midrate is:    AUDGBP 0.6105    GBPAUD 1.6380

The interbank range this week has been:   AUDGBP 0.5999 - 0.6149   GBPAUD 1.6262 - 1.6670
Tuesday 11th June 3:20PM (NZT)
There has been little in the way of respite for the Australian dollar versus the Pound Sterling, as the downtrend accelerated last week and the pair lost a lot of ground. This move has been driven by improving UK data combined with disappointing releases out of Australia. Over the weekend we saw more soft data out of China and that has weighed on the AUD in the early part of this week. The pair currently trades near recent lows. With such a strong move in play the focus is still on the downside. However, with record speculative short (sold) positions in the AUD, the risk is there for a sharp correction. If Australian data out this week beats expectation it could spark a wave of buying and lead to a big squeeze higher in the AUD and many of its crosses. A break above 0.6135 in the AUDGBP would be the first sign that could be underway.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6050 0.5935 0.6135 0.6049 - 0.6357
GBP/AUD 1.6529 1.6850 1.6300 1.5730 - 1.6530

Friday 7th June 5:15PM (NZT) - Update
A positive start to the week for the AUDGBP only offered false hope. Tuesday’s high of 0.6379 was as good as it got and since then it’s been one way traffic south. The pace of the decline increased in the second half of the week as the AUD remained under pressure thanks to soft GDP figures, and the GBP found support from stronger data. The AUDGBP is now trading the lowest level since March 2011. Trying to pick where this move is going to stop is would be very unwise. For now the risk is still on the downside. It will take a move back above 0.6170 to signal a chance of a bigger recovery. UK and Australia both have employment data out next week which will be closely watched.
The current interbank midrate is:    AUDGBP 0.6090    GBPAUD 1.6420

The interbank range this week has been:   AUDGBP 0.6068 - 0.6379   GBPAUD 1.5676 - 1.6479
Tuesday 4th June 4:50PM (NZT)
The strong AUD downtrend of the past two months is still in place, although the market is close to key levels that could change the near term picture. Recent improved data out of Australia and China has driven the recovery in the pair. Calling a change in trend is an unwise move, as it remains a low probability outcome. However, if this pair trades up through 0.6400 (1.5625), the odds of a bigger corrective rally will increase substantially. In the event of such a move the initial target would be 0.6548 (1.5270). Until then the focus will be on further AUD weakness. The Reserve Bank of Australia will most likely dictate near-term trade with the release of their rate decision today.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6346 0.6300 0.6500 0.6293 - 0.6414
GBP/AUD 1.5758 1.5380 1.5870 1.5590 - 1.5890

Friday 31st May 2:25PM (NZT) - Update
Like other pairs, the AUD is firmly entrenched in a downtrend against the GBP. This trend started with broad AUD weakness in early April. Last night saw some decent readings on consumer confidence from the UK which supported the GBP, and has seen fresh lows for the pair. With the broad downtrend firmly in place, expect further AUD pressure over coming sessions. Initial resistance comes in at 0.6420 (support 1.5575), and it will take a sustained move above there to change the outlook. In the event 0.6420 (1.5575) does give way, we could easily see bigger correction up to 0.6550 (down to 1.5270). Next week there is plenty on the calendar in terms of Australian data releases, and these will dictate the chance of any potential turnaround.
The current interbank midrate is:    AUDGBP 0.6330    GBPAUD 1.5797

The interbank range this week has been:    AUDGBP 0.6335 - 0.6425    GBPAUD 1.5564 - 1.5785
Tuesday 28th May 4:50PM (NZT)
Broad AUD weakness has meant most of the AUD cross rates are also trading at, or near their recent lows. This is certainly the case for this pair, which currently sits at 0.6375 (1.5685). Unless we see a turnaround for the Australian currency, the outlook will be for further underperformance against the GBP. It will take a move back above 0.6440 (1.5530) to take the focus off the downside for the pressured AUD.
  Current Level Support Resistance Last week's range
AUD/GBP .6380 .6300 .6500 .6363 - .6478
GBP/AUD 1.5674 1.5380 1.5870 1.5437 - 1.5715

Friday  24th May 3:00PM (NZT) - Update
The downtrend we have seen from the AUD against the GBP from highs above 0.6900 (lows 1.4490) back in early April, looks to have stalled for now at the 0.6400 (1.5625) level. This week has seen some choppy price action above that level as both currencies have been on the defensive thanks to soft data. The 0.6480 (1.5430) level marks the first line of topside resistance for the AUD, and while below there the risk is still on the downside. Both countries have little in the way of top tier data out next week. We can therefore expect offshore factors to provide choppy price action around current levels, with a bias to the downside for the AUD.
The current interbank midrate is:    AUDGBP .6412    GBPAUD 1.5596

The interbank range this week has been:    AUDGBP .6394 - .6478    GBPAUD 1.5437 - 1.5640
Tuesday 21st May 3:50PM (NZT)
The AUD gave up a fair amount of ground to the GBP last week as the general theme of a better UK outlook and softening Australian economy played out. The pair briefly traded below 0.6400 (above 1.5625) before putting in a small bounce. The risk is still the downside for the AUD. There is plenty of economic data out in the UK this week. Strong data will see renewed demand for the GBP, and the AUD suffer as a consequence, and the pair likely push to the recent AUD lows.. However, if previous history is an indicator, improved numbers are not guaranteed.
  Current Level Support Resistance Last week's range
AUD/GBP .6430 .6300 .6500 .6389 - .6523
GBP/AUD 1.5552 1.5380 1.5870 1.5330 - 1.5650

Friday  17th May 4:20PM (NZT) - Update
Better sentiment toward the UK economy has coupled with a softening outlook for the Australian dollar this week. This has seen a continuation of the recent trend of GBP out performance of the AUD. The pair has spent much of the week trading back and forth around it’s recent lows of 0.6500 (highs 1.5380), but has now made a sustained break lower again. As I write this the cross looks set to test 0.6400 (1.5625). This level has provided good support on a couple of occasions in the last nine months, but a move below there will open the way for 0.6300 (1.5870) to trade. With plenty of economic releases to drive the GBP next week, expect continuing volatility. Any corrective bounces from the AUD will likely run into plenty of selling as the downside remains the focus.
The current interbank midrate is:   AUDGBP .6405   GBPAUD 1.5613

The interbank range this week has been:   AUDGBP .6402 - .6533  GBPAUD 1.5307 - 1.5620
Tuesday 14th May 3:15PM (NZT)
The AUD has been materially outperformed by the GBP the last few weeks. The pair has recently traded below 0.6500 (above 1.5385) for the first time since early January. If the UK’s recent run of stronger data is continued this week with the release of employment figures and the BOE inflation report, then further downside could be on the cards. The next big support level is around 0.6400  (resistance 1.5625) and that marks the current target. Resistance at 0.6580 (support 1.5200) would have to be overcome to change the outlook, and put the focus on a broader corrective bounce.
  Current Level Support Resistance Last week's range
AUD/GBP .6513 .6400 .6600 .6486 - .6597
GBP/AUD 1.5353 1.5150 1.5625 1.5160 - 1.5420

Friday  10th May 3:15PM (NZT) - Update
The AUDGBP opened the week around it’s highs of 0.6625 (1.5090), promptly headed lower with a lot of choppy price action, and now closes the week near its lows of 0.6520 (1.5340). There is some support around it’s current level ,and if it can hold here a corrective bounce could be on the cards. The overriding theme of the past few weeks of a better outlook for the UK, and a slowing Australian economy will continue to weigh. If this week’s better than expected employment numbers in Australia are backed up with strong business confidence and home sales data next week, then the AUD might find some respite.
The current interbank midrate is:    AUDGBP 0.6530    GBPAUD 1.5310

The interbank range this week has been:    AUDGBP 0.6520 - 0.6625    GBPAUD 1.5090 - 1.5340
Tuesday 7th May 5:15PM (NZT)
With the AUD having come under pressure lately and the GBP finding some renewed strength, this pair has made a corrective move back towards more comfortable and sustainable levels. With the Australian dollar’s current air of vulnerability, further underperformance cannot be ruled out. There are plenty of economic releases this week, and these will help offer the lead for direction in the short term. The RBA decision to cut the cash rate places further pressure on the AUD with initial support at .6550 (1.5270 resistance) already under some intense pressure. Expect further support at .6525 (resistance 1.5325) in the event of further AUD weakness.
  Current Level Support Resistance Last week's range
AUD/GBP 0.6552 0.6525 0.6700 0.6551 - 0.6695
GBP/AUD 1.5263 1.4925 1.5325 1.4940 - 1.5265

Friday 3rd May 2:25PM (NZT) - Update
This week has seen a continuation of the renewed demand for the GBP. This has seen the AUD under pressure and the pair pushed down through support at .6600 (resistance 1.5150). Whether or not the improved UK economic data can be continued remains to be seen, but the last couple of weeks has offered encouragement. The .6550 support level (resistance 1.5270) offers the next target for increased GBP demand. Next week sees a central bank focus with the RBA and BOE decision offering primary focus. The Australian employment numbers will also be closely watched. Further moves in the favour of the GBP will require material AUD weakness to assist.Current levels offer reasonably fair value for this pair in the current environment.
The current interbank midrate is:    AUDGBP .6606    GBPAUD 1.5138

The interbank range this week has been:    AUDGBP .6557 - .6694    GBPAUD 1.4939 - 1.5251
Tuesday 30th April 4:15PM (NZT)
GBP strength in the days after their better than expected GDP number dove the AUDGBP rate to a low of 0.6635 (GBPAUD 1.5070 high). This has been a continuation of the pull back that the pairing has seen since peaking around 0.6930 (low 1.4430) a month or so ago. The bounce off the week’s lows has been helped by better commodity prices, and there is certainly plenty of room on the upside for the AUD to continue this move. Minor resistance around 0.6745 should probably be tested on this bounce and the reaction there may dictate the near term direction.
  Current Level Support Resistance Last week's range
AUD/GBP .6682 .6600 .6800 .6635 - .6740
GBP/AUD 1.4965 1.4710 1.5150 1.4836 - 1.5071

Friday 26th April 4:45PM (NZT) - Update
It has been a very interesting week for this pair. The AUD saw some early pressure after the lower than expected inflation numbers, but recovered it falls and the pair traded a relatively tight range ahead of last night's UK GDP number. The positive result obviously caught the market off guard, with a jump in demand for the GBP. With so much negative news having been priced in to the GBP over the last few months, further gains cannot be ruled out in the short term. Whilst current levels are lower from the recent AUD peaks, they still offer reasonably good value buying of GBP with AUD.
The current interbank midrate is:    AUDGBP .6670    GBPAUD 1.4993

The interbank range this week has been:    AUDGBP .6667 - .6764    GBPAUD 1.4784 - 1.4999
Tuesday 23rd April 6:15PM (NZT)
The Australian dollar has seen increasing pressure from the GBP over the last week. The support at .6750 (resistance 1.4820) and this has opened up the way for another leg lower from the AUD.  Today’s lower than expected Chinese manufacturing numbers re-iterate the recent theme of lower global growth.  Tomorrow offers the 1st quarter Australian inflation numbers as a focus ahead of the preliminary 1st quarter UK GDP number on Friday. A low inflation number would offer the RBA increased flexibility in terms of lower and cash rate, and this would likely further impact demand for the AUD. Those that have been looking to buy AUD with GBP should start to identify target levels, in order to take the opportunity to buy better value Australian dollars than that have recently been available.
  Current Level Support Resistance Last week's range
AUD/GBP .6708 .6550 .6750 .6696 - .6789
GBP/AUD 1.4907 1.4820 1.5270 1.4730 - 1.4934

Friday 19th April 4:02PM (NZT) - Update
The Australian dollar saw pressure from the GBP to start the week. This pressure was in line with the wider market risk aversion and the pair finally found some level of support around the .6750 (1.4820 resistance) level. That level has proved to be a magnet throughout the week and the pairs looks to be consolidated below  (above 1.4820) in an effort to see further GBP out performance. Next week sees Wednesday's Australian inflation numbers offer some focus ahead of the preliminary first quarter UK GDP number on Friday. Look for the global stock markets to also offer a lead, with the AUD demand likely to track their fortunes closely.
The current interbank midrate is:    AUDGBP .6744    GBPAUD 1.4828

The interbank range this week has been:    AUDGBP .6731 - .6853    GBPAUD 1.4592 - 1.4857
Tuesday 16th April 4:42PM (NZT)
This pair traded a relatively small and uninteresting range for the most part last week. However, the snow balling risk aversion that started with the weak US retail sales numbers on Friday has pushed the AUD down towards support levels that have been in place over the last six weeks or so. This .6750 (1.4820) level remains the key in the short term. If the pair can consolidate through this level, then the way is opened for further GBP appreciation. The RBA monetary policy meeting minutes were of limited impact today. Now focus moves to the UK. The inflation numbers are due later today and come ahead of employment data and BOE minutes tomorrow, and retail sales numbers Thursday.
  Current Level Support Resistance Last week's range
AUD/GBP .6772 .6750 .6950 .6745 - .6885
GBP/AUD 1.4767 1.4390 1.4820 1.4524 - 1.4826

Friday 12th April 2:08PM (NZT) - Update
This pair remains within the range it has seen over the last six weeks or so. The AUD has seen some grinding appreciation this week, and can be attributable to improved risk appetite within the wider market. Yesterday's weak Australian employment numbers has tempered AUD demand. The pair consolidated in the middle of its recent range in the offshore session. Next week will see the respective central banks release the minutes from their previous monetary policy meetings and these will provide the primary focus. Also in the UK we have inflation, employment and retail sales numbers to provide further insight, and each of these could impact the price action if they offer a surprise.
The current interbank midrate is:    AUDGBP .6844    GBPAUD 1.4611

The interbank range this week has been:    AUDGBP .6750 - .6885    GBPAUD 1.4524 - 1.4815
Tuesday 9th April 4:51PM (NZT)
Last week this pair saw volatile price action, whilst contained by its wider recent range. Following the initial AUD demand after the unchanged RBA monetary policy decision and positive Australian economic news, sustained demand for the GBP came to the market. Certainly the risk ahead of the BOE's monetary policy meeting was that they increased their quantitative easing (QE) program. So the demand for GBP increased following the unchanged decision, and this coupled with the positive UK services numbers to enable the move in the favour of the GBP. Current pricing sees the pair close to the middle of its recent range, and the focus this week comes from UK manufacturing numbers later today, ahead of the important Australian employment numbers on Thursday.
  Current Level Support Resistance Last week's range
AUD/GBP .6831 .6750 .6950 .6750 - .6936
GBP/AUD 1.4639 1.4390 1.4820 1.4418 - 1.4815

Friday 5th April 4:28PM (NZT) - Update
This pair has had a very interesting week. The first half saw AUD appreciation as the unchanged RBA monetary policy decision was joined by better than expected economic data. However the appreciation stalled as resistance at .6950 (support 1.4400) loomed, and from there the GBP has pared back its losses. A better reaction to the bold BOJ stimulus and its own BOE unchanged monetary policy decision, and the GBP has fought back to levels at which it started the week. Direction from current levels is unclear as the pair sits in the middle of its now month old range. Next week will see the Australian employment numbers on Thursday provide the primary Australian focus, whilst the UK retail sales and manufacturing data will be of passing influence.
The current interbank midrate is:    AUDGBP .6837    GBPAUD 1.4626

The interbank range this week has been:    AUDGBP .6835 - .6936    GBPAUD 1.4418 - 1.4631
Tuesday 2th April 4:00PM (NZT)
This pair has traded a relatively contained range over the last week. The AUD hit its peak early, and then the GBP saw a pick up in demand to provide grinding appreciation over the AUD. The pair looks far more comfortable around the current levels than it does up above the .6900 level (below 1.4500). This week sees the respective central bank announce monetary policy decisions. Both should be of limited impact with unchanged decisions expected. In Australia the building approval and retail sales data on Thursday provides further focus. In the UK, manufacturing, home sales and construction numbers come ahead of Thursday's BOE announcement.
  Current Level Support Resistance Last week's range
AUD/GBP .6857 .6750 .6950 .6835 - .6924
GBP/AUD 1.4584 1.4390 1.4820 1.4443 - 1.4631

Tuesday 26th March 4:10PM (NZT)
This pair has traded a relatively contained range over the last week. Both currencies saw periods of increased demand, and this led to volatility within this contained range. The pair remains at levels that will likely prove to have offered great value buying of GBP overtime. In the absence of any top tier economic news due in either economy, this week's lead will likely come from the wider market's appetite for risk. Next week will prove more interesting as both central banks have monetary policy announcements. These decisions will be accompanied by the Australian trade balance, construction and retail sales numbers, as well as the latest UK manufacturing, services and construction data.
  Current Level Support Resistance Last week's range
AUD/GBP .6887 .6750 .6950 .6847 - .6902
GBP/AUD 1.4520 1.4390 1.4820 1.4489 - 1.4605

Friday 22nd March February 4:15PM (NZT) - Update
This pair has traded a relatively contained range this week. There has been mixed news for both economies and both currencies have seen periods of increased demand. The pair remains in the expected wider range, and this should continue through into next week's price action. Expect increasing focus on the UK data once the RBA Governor Steven's speech is released on Tuesday. The latest inflation and GDP numbers will increase the focus in the UK. If the uncertainty remains elevated in Europe, then the GBP could benefit from increased capital flight across the channel.
The current interbank midrate is:    AUDGBP .6865    GBPAUD 1.4566

The interbank range this week has been:    AUDGBP .6836 - .6901    GBPAUD 1.4491 - 1.4628
Tuesday 19th March 3:58PM (NZT)
The GBP has finally seen an increase in demand push the AUD back from the lofty heights from early last week. The pair has bounced twice from the initial support level of .6830 (resistance 1.4645) and this level remains the primary target for further GBP out performance. Today's RBA monetary policy meeting minutes reiterate the change in stance towards a neutral stand point from the RBA. This means that further appreciation from the GBP will be hard fought. This points towards further range trading for the time being. The UK news now becomes the focus for the week. Alongside the BOE monetary meeting minutes, the latest inflation, employment and retail sales numbers will be closely watched.
  Current Level Support Resistance Last week's range
AUD/GBP .6877 .6750 .6950 .6836 - .6948
GBP/AUD 1.4541 1.4390 1.4820 1.4393 - 1.4628

Friday 15th March February 4:15PM (NZT) - Update
It has been an interesting week for this pair. Increasing AUD demand has seen a push through to new highs. However these levels are proving difficult to maintain, and the GBP saw increasing demand overnight following comments from BOE Governor King. The AUD has potential to linger up around these elevated levels, if interest rate markets continues to wind back expectations for further cuts to the 3.00% cash rate. The coming week sees the focus turn to the UK for the most part. Apart from the release of the RBA monetary policy meeting minutes, there is little of domestic focus in Australia. Inflation, employment and retail sales data will be of interest in the UK, along with the latest minutes from the previous BOE monetary policy meeting.
The current interbank midrate is:    AUDGBP .6870    GBPAUD 1.4556

The interbank range this week has been:    AUDGBP .6837 - .6948    GBPAUD 1.4393 - 1.4626
Monday 11th March 4:01PM (NZT)
The GBP saw unrelenting pressure from the Australian dollar last week. The stronger than expected retail sales numbers in Australia sparked the demand, and the pressure continued for most of the week. The BOE's unchanged monetary policy decision did offer brief respite, but it did not last. The weaker Chinese data over the weekend has seen the AUD open at lower levels, but the pair has ground back to AUD resistance levels at .6850 (GBP support 1.4600). This level remains the key in the short term. If the AUD consolidates higher, then further out performance of the GBP seems likely this week. However, given the record high nature of the pair, the further gains should be harder fought that what was seen last week. UK manufacturing numbers on Tuesday, and Australian employment numbers Thursday will provide the focus. Current levels offer great value buying of GBP with AUD, albeit the AUD may see some further appreciation in the short term.
  Current Level Support Resistance Last week's range
AUD/GBP .6852 .6700 .6900 .6734 - .6860
GBP/AUD 1.4594 1.4500 1.4925 1.4577 - 1.4850

Friday 8th March February 4:00PM (NZT) - Update
The AUD has seen grinding appreciation against the beleaguered Pound Sterling this week. The better than expected Australian retail sales numbers enabled the initial move, and positive sentiment from the wider market has underpinned further demand. The BOE unchanged decision overnight saw a brief respite for the GBP, but unfortunately its gains proved temporary for the most part. So the pair again finds itself at the upper AUD end of the range, and again offering great value buying of GBP with AUD. Next week Thursday's employment numbers offer the primary focus in Australia. Tuesday UK manufacturing data offers the only material data focus in the UK.
The current interbank midrate is:    AUDGBP .6835    GBPAUD 1.4630

The interbank range this week has been:    AUDGBP .6734 - .6848    GBPAUD 1.4602 - 1.4850

Tuesday 5th March 4:53PM (NZT)
This pair has been contained by a fairly tight range over the past week. Certainly the price action points towards the fact that the easy gains against the GBP have already been made. Current levels still offer great value buying of GBP with AUD. This week sees the respective central banks provide the focus. Australian GDP numbers on Wednesday will also be keenly watched.
  Current Level Support Resistance Last week's range
AUD/GBP .6744 .6650 .6850 .6724 - .6799
GBP/AUD 1.4828 1.4600 1.5040 1.4708 - 1.4872

Friday 1st March February 4:33PM (NZT) - Update
The Australian dollar has given up some ground to the GBP this week. Given the recent GBP weakness, this has not come as a surprise. The pair remains at levels that offer good value buying of GBP with AUD. Expect the wider range of .6650 - .6850 (1.4600 – 1.5040) to contain the price action next week. With both central banks making monetary policy decisions, and other important data also due for release, there may be periods of choppy prices action. Do not expect any material appreciation from the GBP in the short term, so the pair should continue to trade with the AUD at this elevated level for the time being.
The current interbank midrate is:    AUDGBP .6741    GBPAUD 1.4835

The interbank range this week has been:    AUDGBP .6724 - .6837    GBPAUD 1.4626 - 1.487
Tuesday 26th February 3:53PM (NZT)
The GBP remains under intense pressure from the AUD. The credit downgrade from Moody’s late on Friday was final icing on the cake for what was difficult week for the Pound Sterling. There remains little negative news to emerge in the short term and this should ensure that further gains by the AUD over the GBP are far harder fought in the near term. After starting this week at new highs, the AUD has seen pressure from the GBP as the wider market risk aversion has increased. Focus this week will come from the release of the BOE inflation report, second release of UK GDP numbers, Australian private capital expenditure numbers and finally the UK manufacturing data on Friday.
  Current Level Support Resistance Last week's range
AUD/GBP .6779 .6650 .6850 .6668 - .6837
GBP/AUD 1.4751 1.4600 1.5037 1.4626 - 1.4998

Friday 22nd February 4:59PM- Update
The Australian dollar has seen further appreciation against the Pound Sterling this week. The out performance has been driven by forth coming information from both respective central banks. The BOE look poised to increase stimulation via easier monetary conditions, whilst the RBA look ready to sit and wait to gauge the impact of the previous easing to play out. The increased AUD demand has seen the pair move up towards the upper end of the recent range at .6680 (lower end 1.4970). Current levels really do look to offer good value buying of GBP with AUD, albeit the current levels may be on offer for sometime yet. The upside momentum for the AUD has waned as the resistance level approached, and any further gains from the AUD, would be harder fought from the current levels.
The current interbank midrate is:    AUDGBP .6755    GBPAUD 1.4804

The interbank range this week has been:    AUDGBP .6633 - .6756    GBPAUD 1.4802 - 1.5076
Tuesday 19th February 3:50PM (NZT)
The Australian dollar saw periods of strong demand against the Pound Sterling last week. Again the pair finds itself right back up at the AUD resistance (GBP support), which for the time being has held. The just released RBA monetary policy meeting minutes are mostly unsurprising, although the market may see them as leaning less towards an easing than expected. If this plays out over the coming sessions, the AUD will consolidate through the resistance at .6680 (support 1.4970). The remainder of the week will see the focus come from the UK, in the form of the BOE meeting minutes and employment numbers. With the pair back up at the upper AUD end of the recent range, current levels offer good value buying of GBP with AUD.
  Current Level Support Resistance Last week's range
AUD/GBP .6674 .6480 .6680 .6544 - .6691
GBP/AUD 1.4984 1.4970 1.5430 1.4945 - 1.5281

Friday 15th February 4:10PM- Update
The AUD has seen a steady appreciation over the beleaguered Pound Sterling this week. The pressure has been two fold. The GBP slumped following the BOE comments at the inflation hearings, and the AUD saw strong demand following a leap in consumer sentiment, albeit a little surprising. Lower levels of liquidity due to Chinese New Year may have contributed to the move. So the pair is back at levels that constitute great buying of GBP with Australian dollars. Next week sees the RBA release the minutes from the last monetary policy meeting and these will be closely watched. In the UK, the BOE also release their meeting minutes, but also the latest employment numbers provide further focus.
The current interbank midrate is: AUDGBP .6676 GBPAUD 1.4979
 
The interbank range this week has been: AUDGBP .6515 - .6692 GBPAUD 1.4945 - 1.5117

Tuesday 12th February 5:50PM (NZT)
The GBP ground higher against the Australian dollar for much of last week. The RBA enabled this relatively smooth ride as they left the door open for further easing in monetary policy in the future. The downbeat employment numbers further paved the way for the GBP appreciation, but the momentum was eased as AUD support levels approached. This week sees the pair back towards the middle of the recent range. An empty Australian news calendar points towards the GBP providing the lead. UK inflation and retail sales reports will dominate the focus for this pair.
  Current Level Support Resistance Last week's range
AUD/GBP .6548 .6480 .6680 .6515 - .6650
GBP/AUD 1.5272 1.4970 1.5430 1.5038 - 1.5349

Friday 8th February 4:10PM- Update
After a large move in the favour of the AUD Friday last week, this pair has spent the week with the GBP clawing back its lost ground. The news in Australia has obviously enable the GBP outperformance. The current levels are crucial for the near term direction. Consolidation below the .6550 (1.5270) level is key for this pair to see further GBP appreciation. Next week sees the bulk of the focus come from economic news in the UK. The inflation number on Tuesday, and subsequent BOE report on Wednesday will provide the primary focus. Friday’s retail sales numbers will also be closely watched. As along as the pair can stay below the .6550( above 1.5270) level, the GBP should see further gains, albeit far from a sure thing in the current environment. Any move back above .6600 (below 1.5150) offers good value buying of GBP with AUD.
 
The current interbank midrate is:                                                  AUDGBP .6548                       GBPAUD 1.5271 
                                                                                         
The interbank range so far this week to date has been:       AUDGBP .6532 - .6650         GBPAUD 1.5038 – 1.5309
Tuesday 5th February 6:10PM (NZT)
The AUD saw some renewed pressure from re-emerging demand for GBP throughout the body of last week. However, Friday’s offshore session saw  the majority of the week’s GBP gains reversed as equity markets jumped higher and the chances an easing at today’s RBA monetary policy announcement dwindle. So the pair finds itself back over .6600 (under 1.5150), and back in the territory that represents good value buying of GBP with AUD. Today’s RBA decision and statement held little in the way of surprise, with the door remaining open for a further easing if required. At the very least this may undermine some demand for the AUD, which is probably the intended consequence at any rate. The remainder of the week holds further attention on economic data in both economies. In Australia we have retail sales numbers tomorrow, employment Thursday and the quarterly RBA Monetary Policy Statement on Friday. In the UK the services and manufacturing come ahead of what should be an unchanged BOE monetary policy decision on Thursday.
  Current Level Support Resistance Last week's range
AUD/GBP .6604 .6480 .6680 .6536 - .6657
GBP/AUD 1.5142 1.4970 1.5430 1.5022 - 1.5300

Friday 1st February 11:55AM (NZT)
The AUD initially made up further ground against the GBP this week. However with the better economic news coming from the UK, the GBP has finally started to take back some of its recently lost ground. Next week the respective central banks will provide the primary focus. To my mind there is limited chance of policy moves from either the BOE or the RBA. With the interest rate market having priced in a chance of a cut to a 2.75% cash rate from the RBA, the decision will be closely watched. The Australian employment and retail sales numbers provide further attention in what could be an interesting week. Current levels still offer pretty good value buying of GBP with AUD, given where the majority of the trading has been in the last six months for this pair.
 
The current interbank midrate is:                                                  AUDGBP .6580                  GBPAUD 1.5197 
                                                                                         
The interbank range so far this week to date has been:       AUDGBP .6568 - .6657    GBPAUD 1.5022 – 1.5225
Tuesday 29th January 4:55PM (NZT)
This pair has continued to trade with the AUD at elevated levels due to the weakness in demand for the GBP. However, it has not been all one way traffic as the AUD has also seen periods of increased supply. With little in the way of top tier economic news in either economy this week, expect the wider market to provide the lead. There appears to be little chance of seeing an outright increase  in GBP demand in the short term, and the AUD will have to see continued weakness if the pair is to move back towards more historically average levels in the coming weeks. Next week’s RBA monetary policy decision will be very important to direction in the coming weeks. However unlikely, a surprise easing from the RBA would ease the way for AUD underperformance.
  Current Level Support Resistance Last week's range
AUD/GBP .6648 .6480 .6680 .6586 - .6678
GBP/AUD 1.5042 1.4970 1.5430 1.4975 - 1.5184

Friday 25th January 2:39PM (NZT)
The AUD has finally started to give up some of its recently gained ground against the GBP. The lower than expected inflation number has provided the impetus for the move. Later on today the UK 4th quarter GDP number with provide the lead for this pair in the short term. A stronger than expected number may see the pair continue to move in the GBP’s favour and back to levels that seem for comfortable in the current environment. A break of the .6570 support (1.5220 resistance) is key to this move should it eventuate. Next week sees little in the way of major economic data in either economy, and the RBA monetary policy meeting on the 5th of Feb with likely provide the focus for this pairing.
 
The current interbank midrate is:                                                  AUDGBP .6621                           GBPAUD 1.5103 
                                                                                         
The interbank range so far this week to date has been:       AUDGBP .6580 - .6678             GBPAUD  1.4975 – 1.5198
Tuesday 22nd January 3:55PM (NZT)
The continued pressure on the GBP has provided a great opportunity to buy good value GBP with Australian dollars. How long the GBP weakness continues for remains to be seen, but certainly the AUD demand is starting to look laboured. With equity markets at, or close to, five year highs, the AUD is struggling to make new ground. This week’s focus starts with Wednesday’s Australian inflation number. Next comes the UK employment and BOE monetary policy meeting minutes, before the preliminary UK 4th quarter GDP numbers on Friday.
  Current Level Support Resistance Last week's range
AUD/GBP .6635 .6450 .6650 .6555 - .6650
GBP/AUD 1.5071 1.5040 1.5500 1.5038 - 1.5255

Tuesday 15th January 4:55PM (NZT)
This pair remains well contained by its now familiar wider range. Since  the new year the AUD has outperformed, but the momentum has certainly slowed in the last few sessions. UK inflation numbers later on today will be closely followed, as will the UK retail sales numbers on Friday. In Australia, the employment numbers on Thursday are the primary focus. Any reprieve for the GBP against the EURO would likely see it take back some of the recently given up ground to the Australian dollar.
  Current Level Support Resistance Last week's range
AUD/GBP .6560 .6420 .6620 .6505 - .6595
GBP/AUD 1.5244 1.5100 1.5575 1.5163 - 1.5373

Friday 21st December 2012 3:10PM (NZT)
The AUD has seen grinding pressure from the Pound Sterling this week. As expected the elevated levels from last week could not be consolidated. Expect the price action to be choppy in the next few weeks as the holiday market conditions dominate. The EURO seems to be providing the lead for the GBP at the moment and expect that to continue in the short term. Demand for the AUD will be driven by the prospects for a deal on the fiscal cliff in the US. So ahead of a deal being made before the end of the year, the AUD may have limited upside.
 
The current interbank midrate is:                                                  AUDGBP .6427                     GBPAUD 1.5559
                                                                                         
The interbank range so far this week to date has been:       AUDGBP .6424 - .6543        GBPAUD 1.5284 – 1.5566
Tuesday 18th December 2012 5:10PM (NZT)
This pair continues to trade within a relatively tight range with the .6550 (1.5270) level providing a cap for AUD appreciation in the short term. Today’s RBA monetary policy meeting minutes were unsurprising and of limited impact. The focus now moves to the latest inflation numbers in the UK tonight. These come ahead of the BOE monetary meeting minutes tomorrow and retail sales numbers on Thursday. To my mind the inflation numbers are on primary importance, with a lower number opening up the way for further policy support from the BOE. A higher number will restrict BOE actions and ironically, be GBP supportive.
  Current Level Support Resistance Last week's range
AUD/GBP .6503 .6420 .6620 .6498 - .6543
GBP/AUD 1.5378 1.5100 1.5575 1.5284 - 1.5398

Tuesday 11th December 2012 3:45PM (NZT)
The Australian dollar saw grinding appreciation against the Pound Sterling last week. However the increased uncertainty following the political tensions in Italy have undermined risk appetite and the AUD has ceded ground so far this week. The pair looks increasingly comfortable in its wider range. With the AUD up towards the upper end of the range, current levels offer reasonably good value buying of GBP with AUD. This week sees a relatively quiet economic calendar in both countries, and the primary focus will come from UK employment numbers on Wednesday.
  Current Level Support Resistance Last week's range
AUD/GBP .6513 .6420 .6620 .6475 - .6546
GBP/AUD 1.5354 1.5100 1.5575 1.5277 - 1.5444

Monday 3rd December 2012 4:52PM (NZT)
The Australian dollar saw increasing pressure from the Pound Sterling as last week progressed. Capital expenditure numbers provided the initial move lower in demand for the AUD, and today’s weak retail sales numbers have further undermined demand. With busy economic calendars in both economies, there is room for volatility on the week. The bias for AUD  under performance should remain in place for the time being, as the RBA are poised to ease the cash rate to 3.00%. Initial support just below the current levels at .6480 (resistance 1.5430), provides the first target ahead of the sturdy .6420 (1.5575) level.
  Current Level Support Resistance Last week's range
AUD/GBP .6490 .6420 .6620 .6482 - .6545
GBP/AUD 1.5409 1.5100 1.5575 1.5279 - 1.5427

Tuesday 27th November 2012 4:44 PM (NZT)
This pair has again seen a very contained trading range over the last week. Expect this to continue in this week’s trade, with just the final Q3 UK GDP numbers to offer top level focus. Next week is a different story, with both central bank making announcements, and a host of top level economic data to digest. In the meantime, expect the current limited trading range to continue. Current levels offer reasonably fair value for this pair, with no obvious bias providing a good chance for the risk adverse to make transfers ahead of what may prove to be a more volatile next week.
  Current Level Support Resistance Last week's range
AUD/GBP .6537 .6420 .6620 .6482 - .6555
GBP/AUD 1.5298 1.5105 1.5575 1.5255 - 1.5427

Tuesday 20th November 2012 3:56 PM (NZT)
This pairing traded a relatively subdued range last week. The AUD saw a sustained period of pressure from the GBP, but the initial support at .6500 (resistance 1.5380) managed to contain the weakness. The rebound in global sentiment late on Friday has continued through into this week, and this has walked the pair back into what is becoming a newly familiar range for the pair. Today’s RBA minutes reveal the cash rate could still move lower to 3.00% if appropriate, and the market still have it even balanced whether or not this comes at the next meeting. The BOE monetary policy meeting minutes on Wednesday, should reveal on going discussions between the members about further policy accommodation. Expect the pair to see further contained ranges this week, offering levels that should represent good value buying of GBP with AUD over time.
  Current Level Support Resistance Last week's range
AUD/GBP .6540 .6420 .6620 .6487 - .6584
GBP/AUD 1.5290 1.5105 1.5575 1.5188 - 1.5415

Tuesday 13th November 2012 4:55 PM (NZT)
Last week the pair burst through the substantial .6500 (1.5385) mark when the RBA decided to leave the Australian cash rate unchanged at 3.25%. From there the pair traded a relatively tight range  until the AUD resumed its grinding appreciation to reach three month highs overnight. Whether or not this momentum can be maintained remains to be seen, and current levels offer relatively good value buying of GBP with AUD. The UK becomes the focus for the most part this week with the latest inflation, employment and retail sales numbers due for release. If wider market risk aversion eventuates, expect initial AUD support at the .6500 (1.5385) level.
  Current Level Support Resistance Last week's range
AUD/GBP .6561 .6420 .6620 .6447 - .6575
GBP/AUD 1.5241 1.5105 1.5575 1.5209 - 1.5511

Entries previous to this have been deleted as there are time sensitive and lose value as time progresses. Please refer to our charts page for price action on a historical basis. The chart page can be seen here : http://www.directfx.co.nz/CurrencyChart.html