GBP/AUD continues to bounce between major levels with no clear directional trend but Australian inflation data could turn tables on inert rate if it surprises this week. Brexit politics still dominate Sterling with CBI data also offering heads up.
GBP/AUD is in a rangebound consolidation on the weekly and daily charts despite previous activity suggesting a marginally bullish bias. Brexit politics are set to dominate GBP whilst labour data is the main release for the Australian Dollar.
The Australian Dollar rose Thursday but its path back to earlier 2018 highs will be shallower and the journey slower than previously thought, according to the latest forecasts from analysts at BMO Capital Markets.
The Australian Dollar fell Wednesday but losses should be short-lived, according to the latest forecasts from analysts at the world's largest FX dealer Citi, who are arguing the Aussue is likely to resist further downside pressure during the months ahead.
GBP/AUD is showing the potential for a break higher within a greater sideways range and a move above 1.7980 could signal a new up phase for the pair. Key for the exchange rate this week will be the market's reaction to Theresa May's Brexit plans.
The Pound-to-Australian-Dollar rate fell Friday as the Aussie unit rose across the board against its major rivals although it remains in the middle of a three-month range that will define trading in the currency pair through the third quarter, according to strategists at Sydney-headquartered Westpac Banking Corporation.