Apparently Morgan Stanley have put out a buy GBP/AUD recommendation, saying the pair offers “great risk/reward opportunity” being fairly close to its lowest level since 1985. Bank is said to target 1.9200 with a 1.7200 stop.
Meanwhile back at the ranch, cable has pierced 1.6235/45 resistance, tripped stops through 1.6250, and has so far posted a 1.6266 session high.
Elsewhere, EUR/GBP has been as low as .8915, presently at .8922. Guess all that talk of sterling demand at the fix was right on the money.
