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Can the GBP consolidate at higher levels against the AUD.

Written by Sam Coxhead on April 20th, 2012.      0 comments

4:39 PM (NZT) The GBP has had a week of large demand and has outperformed the AUD as a consequence. The GBP demand was obviously driven by the lowered probability of  further stimulation from the BOE. The recent break of the .6450(1.5500) level is something to watch in the coming days. Consolidation through this level is key for the GBP strength to be continued. Ground from the current levels is likely to be harder fought for the GBP. Much of the RBA expected cut to the cash rate in the short term has been built in, so something further will be needed to push the GBP to outperform. Australian inflation numbers Tuesday provide the initial focus ahead of the UK preliminary GDP numbers on Wednesday
 
The current interbank midrate is:                                                            AUDGBP  .6434                   GBPAUD  1.5542                                                                                      
 
The interbank range so far this week to date has been:                 AUDGBP .6421 - .6528     GBPAUD 1.5318 – 1.5574
 

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