Gbpaud news
Here are the latest news and updates on the GBP/AUD currency pair:
Current Rate: 1 GBP = 1.83 AUD
Recent Movement: The GBP/AUD pair has been trading in a narrow range over the past week, with the pound struggling to gain traction against the Australian dollar. The pair has been influenced by a combination of factors, including the ongoing Brexit uncertainty, the UK's economic data, and the Reserve Bank of Australia's (RBA) monetary policy decisions.
News and Events:
- Brexit: The UK and EU have agreed on a revised withdrawal agreement, which is expected to be voted on by the UK Parliament in the coming days. A successful vote could lead to a more stable pound, while a rejection could lead to further volatility.
- UK Economic Data: The UK's GDP growth rate slowed to 1.4% in the third quarter, missing expectations. The data has raised concerns about the UK's economic outlook and could weigh on the pound.
- RBA Meeting: The RBA kept interest rates unchanged at its latest meeting, citing the need to support the economy. The decision has had a limited impact on the GBP/AUD pair, which has been more influenced by Brexit and UK economic data.
- Australian Economic Data: Australia's employment data has been strong, with the unemployment rate falling to 5.2% in October. The data has boosted the Australian dollar and put downward pressure on the GBP/AUD pair.
Technical Analysis:
- Resistance: 1.85 AUD
- Support: 1.78 AUD
- Trend: The GBP/AUD pair has been trading in a downward trend over the past few months, with the pound struggling to break above the 1.85 AUD level.
Forecasts:
- Short-term: The GBP/AUD pair is expected to remain range-bound in the short term, with the pound struggling to gain traction against the Australian dollar.
- Medium-term: The pair is expected to break below the 1.78 AUD level in the medium term, with the pound potentially falling to 1.70 AUD or lower.
Trading Tips:
- Buy: Consider buying the GBP/AUD pair if the pound can break above the 1.85 AUD level, which could be driven by a successful Brexit vote or strong UK economic data.
- Sell: Consider selling the GBP/AUD pair if the pound falls below the 1.78 AUD level, which could be driven by a rejection of the revised Brexit agreement or weak UK economic data.
Please note that these are just general market observations and not personalized trading advice. It's always important to do your own research and consider your own risk tolerance before making any trading decisions.