ALB Limited 03.07.2020
Chart of the Day GBP/AUD
With the U.K Composite PMI (June) and Services (PMI) (June) scheduled to be released later this morning, with a forecast of 47.6 and 47.0, coupled with the resurgence we’ve seen over the last few days in the British Pound, rallying to a high of 1.2530 against the U.S. Dollar, the expectation could be that if the figures announced are better than expected, in the short term, the bias on the Pound could remain bullish. However, the U.K. economy still faces several key challenges, particularly about Brexit, the coronavirus effects on its economy, and efforts to ease the lockdown. From a technical perspective, the GBPAUD has declined by 14.32% from a high of 2.08532 on 19/03/2020 to a low of 1.78677 on 30/06/2020. Currently, the price is trading below key moving averages across multiple time frames, and having moved below yesterday's close, the indication is to expect further weakness.
