GBP/AUD Forecast (Matthew Vassallo)

Australian Dollar to Pound Rate Continues to Remain in Monthly Range

GBP/AUD rates have dipped slightly during Wednesday’s trading, ahead of tomorrow’s UK Gross Domestic Product (GDP) figures. The Pound has enjoyed a fine run over recent weeks, with GBP/AUD rates getting close to a 6 year high on multiple occasions. However, the AUD has found support under the 2 level and I do feel it will require a further shift in market conditions to tip rates above this threshold.

Tomorrow’s data is key for the UK, as a bullish reading is likely to solidify the Pound’s position. Similarly any dip below expectation could push GBP/AUD levels back towards 1.95, which would certainly bring some respite to those clients looking to sell AUD after a tough couple of weeks. With little data of note for Australia in the run up to the weekend, I anticipate tomorrow’s figures to carry even weight than usual, in determining GBP/AUD positions over the coming days.

If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me directly on mtv@currencies.co.uk