GBP/AUD continues to advance on Monday but still couldn’t break the resistance level of a bearish term that was formed in mid-October.

Let’s take a look at the factors that have been driving the pound US dollar exchange rate across the week.

The pair is trading at 1.8681, up 0.31% as of 5:29 AM UTC. Currently, the price is trading very close to the channel’s resistance and might try to break it in the next few hours to reverse the bearish mood. For this, investors will closely monitor data on the UK GDP, business investment, and trade balance, which will be released later today.

The Aussie has been under pressure since Friday amid disappointments around the US-China trade relationship. On Friday, US President Donald Trump said that he was not ready to fully roll back tariffs on Chinese goods, though he expects to ink a trade deal on the US territory, potentially in Iowa.

Trump denied reports from Beijing, which rumored that the US President had agreed to begin rolling back tariffs. He said that he was happy with the tariffs as of today. The president stated:

“They’d like to have a rollback but I’ve not agreed to anything. […] China would like to get somewhat of a rollback, not a complete rollback because they know I won’t do it.”

“We’re getting along very well with China. They want to make a deal… frankly they want to make a deal a lot more than I do. I’m very happy right now, we’re taking in billions of dollars,” Trump added.

GBP/AUD started to depart from the channel’s support level after the Reserve Bank of Australia (RBA) released an updated economic outlook on Friday. The central bank said it was ready for even lower rates as it downgraded a series of forecasts related to the GDP growth, wages, consumption, and housing investment. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.