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Despite trending lower for most of this week, and briefly seeing a slump yesterday, the British Pound to Australian Dollar (GBP/AUD) exchange rate has rebounded from its lows today and ultimately hasn’t seen huge losses this week after all. Demand for the Pound has been limited amid political uncertainty, but the Australian Dollar has seen big shifts in movement this week which have driven exchange rate movement.

After opening this week at the level of 1.8710, GBP/AUD has spent the week trending with a downside bias due as the Australian Dollar capitalised on mixed Pound movement.

GBP/AUD was almost on track to have lost around a cent and a half as it touched on a three week low of 1.8550 overnight, but after hitting those lows the pair has been recovering.

While GBP/AUD continues to trend below the week’s opening levels, it has recovered most of its losses amid fresh Australian Dollar weakness, and at the time of writing was trending closer to the level of 1.8673.
The Pound has seen mixed performance all week, and has lacked fresh support as investors focus on Britain’s 2019 General Election race.

The election, still over a month away, is expected to see a win for the ruling Conservative Party which is being perceived as boosting the chances of a relatively soft Brexit.

However, uncertainty about the possibility of other election outcomes is weighing on the British currency, preventing it from continuing to climb on softer Brexit hopes.

On top of this, the Bank of England (BoE) surprised investors yesterday as policymakers were unexpectedly split on UK monetary policy.

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