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17 Jul 2013
Fash: GBP/AUD with scope for 1.61 - Westpac
FXstreet.com (Barcelona) - GBP/AUD found sellers above 1.67 in recent weeks, and in view of Sean Callow, FX Strategist at Westpac, "with new BoE governor Carney sounding somewhat dovish , we see scope for 1.61 over the month ahead."
Callow notes: "GBP/AUD should continue to find resistance on rallies above 1.6700, with the early July high around 1.6910 presumably strong resistance. On the downside, 1.6140 has proven strong support this month and will take some hard work to break." Callow reminds us that the key risk event for the pair will be the first week of August, "when the BoE MPC decision on 1 Aug then the RBA decision on 6 Aug will take place" Callow said.
Callow notes: "GBP/AUD should continue to find resistance on rallies above 1.6700, with the early July high around 1.6910 presumably strong resistance. On the downside, 1.6140 has proven strong support this month and will take some hard work to break." Callow reminds us that the key risk event for the pair will be the first week of August, "when the BoE MPC decision on 1 Aug then the RBA decision on 6 Aug will take place" Callow said.