Earlier this week on Tuesday I highlighted the increasing weakness of the Pound, and discussed the importance of the 2.00 benchmark with regards to the GBP/AUD pair.
Since then, Sterling has seen further weakness and we are now witnessing levels below 2.00 which for me, indicates further weakness for the Pound as 2.00 failed to offer the support Sterling needed.
To my mind, the opportunity to take advantage of Sterling’s surprisingly strong levels are running out as I anticipate further headwinds for Sterling in the lead up to the Referendum, and I think we may have already seen the most attractive levels available for GBP sellers this side of the EU Referendum which is this month on the 23rd.
Whilst the polls coming out of the UK have changed, with the ‘leave’ and ‘remain’ camps now neck and neck which has been behind Sterling’s recent weakness, Australia has released some good sets of data which have added fuel to the reverse in GBP/AUD’s fortunes. On Wednesday Australian GDP figures impressed as did Trade Balance figures yesterday. With no major releases this week for likely to heavily impact the rate, I expect sentiment to continue to drive the pair with GBP weakening further.
If you have an upcoming currency exchange to make between GBP and AUD, feel free to get in contact with me (Joseph) on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible. You can also call in and ask for me directly on 01494 787 478.