Citi sees GBP/AUD rising to 2.2228

Citi expects RBA cut in November

Analysts at Citi make the technical and fundamental case for GBP/AUD to rise in the coming weeks.

Spot is currently trading at 2.09 so that's more than at 1300 pip rise. The main technical factor they cite is the break of the 50% retracement of the fall since 2008 to target the 61.8% level at 2.2228.

Fundamentally, they warn about commodity prices and say the RBA may cut in November.

Separately, they see gold falling to $1033.