Sterling strengthens against the Australian Dollar

AUDGBP Tests 0.5600 Once More as BoE Cuts QE

As demand returns to the major currencies again, in particular the Euro, the Australian Dollar has suffered. In the last two weeks the GBPAUD has improved by over 2 cents trading as high as 1.4891 on mid-market during the morning session. During the last week of the month typically little data is released so expect the next couple of days to be rangebound by a cent for GBPAUD.

On Wednesday Australian January Retail Sales figures are due out with expectation of 0.3% month on month so anything worse could see GBPAUD head towards the 1.50 resistance levels.

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