Play of the Day: GBP/AUD’s Pullback to a Broken Support Level

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If you’ve read the latest Global Market and FX Weekly recaps, then you’ll know that AUD has benefited from a risk-friendly trading environment as well as hawkish inflation and RBA speeches in the last few days.

Meanwhile, the British pound mostly took cues from its countercurrencies as not even hawkish statements from BOE members kept GBP bears from pricing in uncertain growth trajectories in the U.K. compared to the other major economies.

GBP/AUD, which traded inside a range for most of last week, broke below its 1.9050 range support and hit the 1.9000 psychological handle before GBP bulls stepped in.

But that was last week.



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