GBP/AUD inched up 0.02%, to 1.8764 as of 5:30 AM UTC. The pair is taking some rest after surging more than 1% since last Thursday. The biggest gain came yesterday, when the price finally broke the resistance line of a long-lasting bearish channel, as we previously anticipated.

The Australian dollar started to weaken on Friday after US President Donald Trump said he wouldn’t roll back tariffs on Chinese good, though he awaited a trade deal with Xi Jinping.

Yesterday, the UK economy narrowly avoided a recession in the third quarter, adding 0.3%. However, the Bank of England and analysts still expected a higher reading.

The British pound is currently driven by the latest Brexit developments as well.

Farage Will Not Contest Conservative Party’s Seats

Earlier today, Brexit Party leader Nigel Farage said he and his party wouldn’t contest any seats currently held by the ruling Conservative Party at the national election scheduled for December 12. Thus, Farage won’t field any candidates in seats now held by Prime Minister Boris Johnson’s party.

The move comes after prolonged fears from Brexit supporters, who were concerned about the possibility of putting up candidates in every seat, which could divide the pro-Brexit vote and consolidate the opposition.

Farage’s decision boosts the chances of Conservatives to obtain a majority at the general election and eventually implement the Brexit agreement secured in October with European leaders. Farage said at a party meeting in Hartlepool, northeast of England:

“We now have a Leave alliance, albeit we’ve done it unilaterally. This prevents a second referendum from happening and that to me today is the single most important thing in our country.”

He added that the Brexit Party would focus entirely on seat currently held by the Labour party and other, smaller fractions. Farage argues that by winning the seats, his party would help “keep Boris Johnson to his promises” in the UK Parliament.

Elsewhere, Boris Johnson welcomed Farage’s decision, saying that a hung parliament was the main threat to Brexit. The PM stated:

“I’m glad that there is a recognition that there is only one way to get Brexit done and that is to vote for the Conservatives.” 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.