The strongest the Australian dollar every reached against the pound was 1.4660 Feb 10th 2012. Unfortunately the nature of exchange rates means that once you lock into a rate it is more than likely that at some point in the near future a better price will be seen. That is the way markets work, catching the top or bottom of any market is almost impossible. You don’t know you have reached the top or bottom until it drops the other way. And by then of course you have missed the peak! GBPAUD is currently testing the all time low of 1.4660 with rates around 1.47-1.48.
Will we break 1.4660? The reasons for AUD strength in recent years remain. The reasons for GBP weakness also remain and therefore it is very likely that we will see GBPAUD drop to 1.45 soon as on balance the pound appears to be weaker currency and to have less going for it. Chinese and Asian data is remaining strong and the UK is looking likely to lose its triple A rating very soon. Next week we have UK GDP data which will confirm whether or not the UK economy contracted in Q4 2012. The revision is expected to confirm last month’s data that does point to a UK in recession.
The pound is continuing to slide and it is looking highly likely it will continue to fall in the future. You can read my own personal assessment on why the pound is so weak on our sister site here. Even if you do not need to exchange today making some small careful preparations ahead of the need to exchange could work very much in your favour.
Should you have an overseas money transfer to consider and would like to find out about getting a better deal (whatever your currency pairings) it is highly likely I can save you money and help with the timing of your exchange. For more information please contact me directly on [email protected] , I look forward to hearing from you and assisting with your situation.