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The AUD under pressure from the GBP, can it continue?

Written by Sam Coxhead on March 9th, 2012.      0 comments

12:33 PM (NZT) The Australian dollar saw some initial pressure from the GBP early in the week. This came mainly on the back of week 4th quarter GDP number and a downgrade of the expectations for Chinese growth for 2012. Since then the pair has stablised and traded and a very muted range. The pairing remains close to initial support at .6700 (GBPAUD resistance at 1.4925), which is the lower end of its recent range. Consolidation is needed through these levels to open up the way for further GBP strength. With an absence of top level economic data in either economy, expect the wider market to provide the lead next week.
 
The current interbank midrate is:                                                            AUDGBP  .6723                    GBPAUD 1.4874                                                                                        
 
The interbank range so far this week to date has been:                 AUDGBP .6684 – .6782     GBPAUD 1.4745 – 1.4961
 

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