GBP to AUD Exchange rates

Australian Dollar UK Pound exchange rate FOREXIt should be a good time to convert some of your British pounds to Australian Dollars. With mixed data coming from China and a clear signal from the Reserve Bank of Australia that interest rates are on hold for now, there is every reason to see further weakness in the Australian Dollar.

Having said all that, it isn’t happening right now. The Sterling – Australian Dollar exchange rate is in an uneasy stubborn equilibrium in the middle of a range it has occupied for the last 6 months.

Support for the Pound around 1.5350 is very evident and Aussie Dollar buyers can be found lurking around 1.5650 and 1.5850. If we do get a break to higher levels, 1.60 is the big psychological barrier which ought to cap this pair for now.

1.60 is also a trend line resistance level and a long term Fibonacci resistance level. If you have no idea what that means, read The Da Vinci Code. You’ll be none the wiser but the Fibonacci progression is mentioned in there. If the Pound really does flop, expect further support at the august low of 1.47 and the longer term channel support at 1.44.

Written by Mark

As the founder of Getting Down Under, Mark is passionate about demystifying the process associated with a move to Australia.
Having launched Getting Down Under in early January 2006 and made the move to Australia from the UK in the same year, Mark continues to share resources and support for those looking for assitance, Getting Down Under.

If you have a question for Mark, please post in our Forums

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