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The AUD reaches resistance against the GBP.

Written by Sam Coxhead on June 15th, 2012.      0 comments

5:16 PM (NZT) This pairing has had a mixed week. The AUD opened up stronger initially, but almost immediately saw pressure from the GBP as it was pushed down to the lows for the week. From then it has been almost one way traffic in the AUD’s favour. The appreciation has been grinding in nature and the current levels are close to the resistance at .6450 (support 1.5500). The BOE has ramped up rhetoric about further monetary policy initiatives to help the ailing UK economy. This has weighed on the GBP across the board. The AUD has seen demand as the market has moved to price further monetary policy stimulation from the likes of the PBOC, the ECB , and the FED as well as the BOE. Next week will prove to be interesting to say the least. Current levels could well prove to offer good value buying of GBP with AUD if we see a rebound in capital flight to the UK from Europe.
The current interbank midrate is:                                                            AUDGBP  .6443                   GBPAUD 1.5520                                                                                      
The interbank range so far this week to date has been:                 AUDGBP .6370 – .6448    GBPAUD 1.5509 – 1.5699
Topics: AUD, Australian Dollar, GBP, Pound Sterling