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The GBP/ AUD exchange rate is trading at around 1.7727 on Monday, 0.90%b lover than at the same point last week.
The pair has started to sell off steeply after rebounding to a multi - week high at 1.82.

Although the overarching downtrend is still intact a break back below the trendline is required to confirm the downtrend.

We retain a neutral outlook over the next 5 days, with a break higher or lower above various levels required to confirm the next direction of the trend.

The most important data releases for the Aussie in the week ahead are employment data on Thursday and Chinese data on Wednesday.

Australian employment data is forecast to show a 14k rise in July whilst unemployment is expected to remain at 5.8% when released at 2.30 BST on Thursday. This suggests a slightly positive result.

The data could impact interest rate expectations and therefore the Aussie. The Reserve Bank of Australia (RBA) has been aggressively cutting rates of late and this has been pressuring the Aussie lower since lower interest rates tend to weigh on currencies.

A worse-than-expected result could increase speculation of a further interest rate cuts from the RBA in September - current market expectations are around 40% of a cut then.

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