GBP/AUD rates remain marooned under 1.65, as the Brexit stranglehold continues to restrict any major advances for the Pound.
Despite the current negativity surrounding the UK economy, the Pound has managed to find support above 1.60. Its current market value is floating around 1.63 but any move above 1.65 is unlikely in my opinion, whilst market conditions remain as they are.
The Australian economy has moved forward in recent months and despite its heavy, sometimes unsettling reliance on China, there is no hiding from its growing prosperity.
Considering the current malaise and negative perception surrounding the UK economy, I would certainly not be gambling on any major spikes for the Pound. Instead I would look to protect any short to medium-term GBP/AUD positions whilst mid-market prices remain above 1.60, which could become a key threshold for the pair.
The issue many clients holding Sterling have is that they recall historical rates, when only 18 months ago the pair was trading above 2. However, conditions have shifted and Brexit has pushed the UK into uncharted territory, weighing our economy down and sapping confidence from every quarter.
Whilst no one can see into the future it is extremely unlikely that we will see rates even close to that for the foreseeable future and as such clients to realign their potential goals in line with the current market conditions.
This does not mean that GBP/AUD rates will move one way indefinitely, so those willing to gamble on their positions need to look for short-term gains not long-term sustainable improvement.
If you have an upcoming GBP or AUD currency transfer to make you can contact me directly on 01494 787 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.
Our award inning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.
Feel free to email me directly on [email protected] to find out all the options available to you ahead of your currency exchange.