GBP/AUD maintains an uptrend that started on Tuesday, but the pair is still moving inside a bearish channel.

Currently, one British pound buys 1.8695 Australian dollars, up 0.13% as of 5:23 AM UTC. The price action is now very close to the channel’s resistance line. If it manages to break within the next hours, we might see a short-term rally.

Nevertheless, everything depends on the Bank of England’s stance. The central bank will meet later today to decide the interest rate and update its economic outlook.

Johnson Promises to Get Brexit Done in January

The British pound has consolidated against the Aussie after UK Prime Minister Boris Johnson officially launched his campaign. This is going to be held on December 12. He insisted for an early poll in the hope to strengthen his party’s position in the parliament and take the Brexit task in his hands.

Yesterday, Johnson vowed to take the UK out of the bloc in January. Which is in line with the current deadline agreed by European leaders. He said that the upcoming election was the most important one in a generation. The PM added:

He promised that if re-elected, he would start passing his withdrawal deal through parliament right away. “So we get Brexit done in January and we put the uncertainty behind us.”

However, a YouGov poll showed that the support for Johnson’s Conservative party has slightly declined in the last few days. Thus, the support for the PM’s party fell 2% to 36% while the Labour figures remained unchanged at 25%, according to the poll.

Australia’s Trade Surplus Widens

Earlier today, the Australia Bureau of Statistics published its trade balance data for September. Is has posted a surplus of $7.18 billion, up from $6.62 billion in August, which was revised upward. Analysts expected the trade balance to decline to $5.1 billion.

Both imports and exports figures were up 3.0%, the ABS said.

It seems that the Sino-US trade conflict doesn’t affect Australia very much. It exported a record $43.2 billion worth of goods and services in September.

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