Flash: GBP/AUD looks to target 1.5200 – Westpac

FXstreet.com (Barcelona) - According to Sean Callow, a Global FX Strategist at Westpac, “After an 8% rally since early April, GBP/AUD probably has enough bad AUD news priced in near-term, suggesting risks back towards 1.5200.”

Indeed, AUD sentiment is likely to be the key swing variable in coming weeks and months, with the UK economy grinding out no better than modest growth and incoming BoE governor Carney not likely to rush to change policy in July. “The GBP/AUD could find support on a sell-off at the 200-day average, currently 1.5200. Obvious resistance should lie around 1.5660, which found sellers in both Jan and May, then around 1.5760, which proved solid in October 2012.” he adds.