2026-10-23 Readings lean bullish
GBP/AUD tests yesterday's high as traders await UK retail sales and PMI data.
The British pound is showing slight strength against the Australian dollar today. The pair is trading near yesterday's high in a relatively quiet market. Traders are watching upcoming UK economic data to drive the next major move.
Trend and momentum
The four-hour trend is currently ranging, while the one-hour structure points up. Momentum is mildly positive with the one-hour RSI at 61.16 and the four-hour RSI at 56.77. Price action remains inside the one-hour Bollinger Bands without any signs of a squeeze. The pair has only used 39 percent of its average daily range so far today.
Key levels
The pair is currently trading near yesterday's high of 1.91275. A break above this level could open the path toward the recent four-hour high of 1.92154 and last week's high of 1.92300. On the downside, support sits at yesterday's low of 1.90402 and the four-hour low of 1.90313. A drop below these levels might expose last week's low of 1.88906.
News and events this week
This week features several key economic events for both currencies. Australian manufacturing PMI data on October 22 showed a second straight month of contraction Australia Manufacturing Shrinks for 2nd Straight Month. For the British pound, traders are focused on the October 23 releases of UK retail sales and flash services PMI Forex Economic Calendar: Today and This Week. Earlier in the week, UK CPI data and a speech by Bank of England Governor Andrew Bailey also drew market attention GBP to AUD Exchange Rate Live.
What would push it higher
If UK retail sales and PMI data beat expectations, the pound could gain further strength. This would likely push the pair above yesterday's high and test upper resistance levels.
What would push it lower
If UK economic data disappoints or Australian services PMI shows unexpected strength, the pair could reverse. This scenario would likely drive prices back down toward yesterday's low.
The engine has no open signal on this pair. Today's signals →