British Pound/Australian Dollar (GBP/AUD) Exchange Rate
GBP/AUD Pivot Points
GBP/AUD Latest Updates
Preliminary PMI data out of the UK indicated a steep slowdown, mirrored across Europe, Australia, and the US, due to the global Covid-19 pandemic.
Australian construction and service sector data showed deep recessionary readings, but retail sales for February came in better than expected.
After the Bank of England announced its second unscheduled emergency interest rate cut in March,
Trade talks between the EU and the UK are closing the first week with significant differences, a development that was widely expected.
Preliminary Australian PMI data for February disappointed, showing all three sub-components in recessionary territory below the 50.0 level.
Australian data this morning showed the services sector contracted further in January, adding to selling pressure in its currency.
Preliminary PMI data for January out of Australia showed an acceleration of recessionary data, with the services sector leading.
Economic data out of Australia this morning showed the service sector entering a recession while retail sales surprised to the upside.
2020 is shaping up to be a turbulent year, and financial markets are not properly priced for it.
After UK Prime Minister Johnson swept to a landslide victory last Thursday, delivering the best election results since 1987, the British Pound extended its massive rally that began after the Brexit referendum.
UK Prime Minister Johnson received support for a December 12th 2019 election as the main opposition party, the Labour Party, dropped its opposition to the snap election.
GBP/AUD: Breakdown risks are on the rise
What happened on Friday was a significant statement though. We broke above the trend line, the 2.10 level, and of course the top of the shooting star from the Wednesday session. In other words, the buyers got extraordinarily aggressive
The GBP/AUD pair rose during the course of the day on Monday, but found the 200 day exponential moving average to be far too resistive.
The GBP/AUD pair had a pretty volatile session during the day on Thursday, testing the 2.05 level for support.
The GBP/AUD pair initially tried to rally during the day on Tuesday, but gained very little before turning back around and falling significantly.
The GBP/AUD fell during the course of the session on Monday, but found enough strength to turn things back around and form a hammer.
The GBP/AUD pair had a very volatile October, essentially ending where we started though. With that being the case, the market looks as if it is ready to go higher given enough time and we do have a very strong trend line well below current trading.
The GBP/AUD pair rallied during the day on Wednesday, reaching towards the 2.15 handle.
The GBP/AUD pair initially fell during the course of the session on Wednesday, but found enough support near the 2.12 level to turn things back around and form a nice-looking hammer.