GBPAUD was flat on Thursday despite a strong beat in employment figures from the Australian economy. The pair was trading 0.05% lower at the 1.8140 level.
Analysts were expecting a loss of -30k jobs from the Australian economy but the actual number was a gain of 178.8k. The unemployment rate in the country also dropped from 7.2% to 7%, which is only 1.7% higher than in March. The figures were boosted by the easing of virus restrictions in the state of Victoria, although it has just introduced new measures and traders are obviously seeing this unemployment boost as temporary.
Brexit talks are continuing and the clock is ticking for a deal. Lord Frost of the U.K. and Michel Barnier are seemingly no closer to a deal, which would still have to be agreed by the U.K. government, EU27 countries, and European members of Parliament in order to start from January 1st, 2021. Fishing rights have been a hurdle to the negotiations with Britain seeking to take back a greater share of its territorial waters, while the EU is determined to continue the status quo with France’s Macron being vocal on the subject.
With employment, GDP, and central bank meetings out of the way for the U.K. and Australia, the currency pair will be determined by the coronavirus and Brexit in the next few weeks.
GBPAUD Technical Outlook
GBPAUD is trading around the 1.8150 level after moving above the 50-day moving average recently. The lack of follow-through on the AUD today could see the GBP attempt a move through the 1.8200 level and onto the 1.84-8500 resistance. The Investing Cube team is currently available to help all levels of traders with the Forex Trading Course or one-to-one coaching.
GBPAUD Daily Chart
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Kevin on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.