Longs are being cleared after today's UK Q1 GDP report
Two currencies at opposite ends of the spectrum on the day. The aussie is so far the only currency outperforming the dollar (marginally) and that owes some thanks to position clearing in GBP/AUD.
The pair has been treading waters under 1.8500 and buyers have been making a couple of run ups in an attempt to break above the figure level but have so far failed. Today's UK GDP report may just be the straw that breaks the camel's back.
The key level to look out for in the pair is the April low of 1.8173. If that breaks, expect more pain to come for sterling but on the flip side, that should help to provide some relief for the aussie.
Looking at AUD/USD, it is much to do with a timely move as well with the support level from 22 June @ 0.7355 providing a base for the day:
