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The GBP maintains pressure against the AUD this week.

Written by Sam Coxhead on April 27th, 2012.      0 comments

6:02 PM (NZT) After breaking through what was substantial support at .6420 (1.5576 resistance),  the GBP placed substantial pressure on the AUD to push to the extreme of the week. The weak UK GDP number help recover the AUD from its lows and the pair has traded in a contained range since then. The short term range looks to be .6350/.6420 (1.5575/1.5750). Next week the RBA monetary policy meeting on Tuesday is the initial focus ahead of various construction., manufacturing and services numbers in the UK. A larger move than 25pts lower from the RBA is unlikely and would see the AUD under renewed pressure. A 25pt cash rate cut is fully expected,and should see  the focus move to the quarterly RBA monetary policy statement on Friday without too much reaction.  
 
The current interbank midrate is:                                                            AUDGBP  .6407                      GBPAUD  1.5608                                                                                      
 
The interbank range so far this week to date has been:                 AUDGBP .6353 – .6436       GBPAUD 1.5538 – 1.5741
 

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