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Anzo Lim

GBP/AUD Sees a Chance of Breaching Upwards

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The Bank of England Monetary Policy Committee is expected to vote 6 to 3 to hold benchmark interest rate at 0.75% unchanged this month. Post-election survey data proves the economy is recovering with the elimination of uncertainties, but the recovery may be rather modest, as Britain still faces the challenging trade negotiation with European Union.

The pound remains at a price ideal for dip-buying. Currently, the impact of market expectation on January’s 0.12% rate cut is fading, as well as uncertainties about Brexit, so additional stimulus will facilitate a steady recovery of the economy, leading to a rebound of the pound.

Meanwhile, the wildfire raging through Australia is expected to have more far-reaching effect on the economy than flood or other natural disasters, while the extreme drought weighing on many regions and especially agricultural sector has further added to the troubling situation. Therefore, as GBP rises and AUD weakens, investors can pay more attention to the pair and seek opportunity as GBP/AUD shows potential to breach upwards.

GBP/AUD daily pivot points: 1.8824-1.8842

S1: 1.8783                  R1: 1.8901

S2: 1.8715                  R2: 1.8951

Edited by Anzo Lim

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