Watching this Pair closely as it is at a key level of support right now. A break below 1.6650 could open up targets to 1.65 on a weekly basis and as far as 1.60 longer term. With the turmoil in Brexit negotiations and mixed feelings about a rate hike recently from the BOE. This is at best a wait and see trade. The AUD is currently strong from its exports trade and has some more room to move against other major currency pairs. So continued strength in Australian economy wouldn’t be a surprise headed to the end of summer.
Some key Economic News due in both countries this week could provide the spark:
RBA- meeting minutes, Employment figures
BOE- CPI, a Carney Speech, retail sales figures
Overall I looking to go short on the pair if a clean break is granted at 1.6650 on a 4HR chart. If anything I will be watching the economic releases for further guidance.