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Play of the Day: How Low Can GBP/AUD Go After BOE’s Decision?

November 2, 2023| Forex Market

November has NOT been good for GBP/AUD so far as the pair has fallen from its 1.9150 highs all the way to its 1.8942 current prices.

In case you’ve been too busy updating your monthly spreadsheets, you should know that the Australian dollar is getting some support from higher Australian inflation and retail sales data, expectations of a November RBA interest rate hike, and China – Australia’s largest trading partner – taking steps to boost its economy.

Meanwhile, weak U.K. growth numbers are encouraging growth concerns and limiting GBP’s demand. And that’s even with the markets anticipating no more short-term rate hikes from the Bank of England (BOE)!

Will similar themes extend GBP/AUD’s downswing today?

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