After a strong run for the Pound in recent weeks the pair remain lodged just below the 1.80 mark, which leads me to believe that there may be ceiling for the pair at 1.80 moving forward.
Last week the pair hit a 17-month high after the Pound has benefited off the back of positive Brexit talks, with the current Prime Minister, Theresa May receiving plaudits for her efforts addressing the issue of the Northern Irish border along with the Brexit bill.
Whilst there has been a lot of positive sentiment surrounding the UK and the Pound recently, the Aussie Dollar has been coming under pressure due to fears of a slowing economy down under.
The Aussie Dollar has also been coming under pressure as the Fed Reserve Bank in the US has hiked US interest rates twice (soon to be 3 times if economists predictions are correct) this year. The increasing interest rates in the US have increased demand for the US Dollar and this has seen the Aussie Dollar drop as demand has slowed as investors prefer to hold funds in US Dollars now they can get a return.
Moving forward I think that whether or not the Brexit process continues to progress will determine whether or not the Pound climbs, and it’s certainty worth following the GBP/AUD pair when they trade around 1.80 as this benchmark level is key in my opinion.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.