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Good time to buy GBP with Australian dollars.

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

4:38PM(NZT)The Australian dollar has seen grinding appreciation against the Pound Sterling this week. The demand has been driven by the central bank portfolio diversification and the RBA minutes catching the markets with too many “sold AUD” positions. The momentum has slowed a touch in the last couple of sessions, but we are still at levels that offer great value buying of GBP with Australian dollars. Next week  sees the release for the both respective 2nd quarter GDP numbers on Wednesday and these will provide the focus for the week. Any further AUD appreciation will find resistance initially at .6650 (support 1.5040)..
 
The current interbank midrate is:                                                            AUDGBP  .6627                  GBPAUD 1.5089                                                                                      
 
The interbank range so far this week to date has been:                 AUDGBP .6537 – .6652   GBPAUD 1.5033 – 1.5297
 

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