At 00.30am we will see the release of Australian Retail Sales figures, I think there may be slight improvement but not enough fo GBP/AUD to breach 2.00 and stay below. The 2.00 figure is extremely attractive to AUD sellers and we usually see a mass sell off if we move into the 1.99s. This causes GBP strengthen and we then move above 2.00 again. The 2.00 mark is definitely proving a hard resistance level to break.
We also have the Reserve Bank of Australia’s Monetary Policy statement following on from Retail Sales. The Monetary Policy statement reviews economic and financial conditions and determines the appropriate stance for policy moving forward. It is a clear indication as to interest rate policy.
A drop in Aussie interest rates seems to be the only chance for significant Sterling rally.
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