The Pound to Australian Dollar exchange rate has consolidated its rally into early August and could now be likely to trade within a narrow range just above the 1.93 handle over the coming days.
The Australian Dollar rose against all major currencies on Wednesday, weighing on GBP/AUD along the way, after local labour market figures surprised on the strong side of expectations for July.
The Pound to Australian Dollar exchange rate has receded from early August highs but economic data on both sides of the GBP/AUD equation could help the pair to steady above 1.9315 in the week ahead.
The Pound to Australian dollar exchange rate fell heavily on Thursday as hawkish remarks from the Reserve Bank of Australia Governor Michelle Bullock helped the antipodean currency to outperform, but the pair has likely reached a near-term bottom and may even have scope to recover as far as 1.97 in the days ahead.
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