UK and Australian unemployment figures should be closely monitored (Mike Vaughan)

A Good Start to the Week for AUDGBP

AUD exchange rates pushed below the 1.79 mark against the pound a fall of 1.35% in the past week creating a potential opportunity for those selling AUD. Looking at the trade range for the past 8 weeks and the market has been range bound between 1.785 and 1.825 with current sell levels testing this bottom end. I for one feel this trend is likely to continue and the pound will bounce back above 1.80, for this reason should you be selling AUD then the current levels represent value based on the past two months trading.

Looking at data to watch out for and tomorrows UK unemployment figures could lend support back to the pound with levels expected to fall from 6.8% to 6.7% this will be followed by employment figures from Australia overnight on Thursday. These are expected to post a decline from 5.8% to 5.9% and should in theory devalue the Aussie as a result, I would therefore expect GBP/AUD to be back above 1.80 by the end of the trading week.

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