GBPAUD – A long-term base breakout?

The market will watching Reserve Bank of Australia‘s (RBA) rate decision tomorrow. Will the central bank turn hawkish too?
Right now, expectations are low that the central bank will raise the policy rate due to the sluggish domestic economy. Recent data, for example, points to below-target inflation rates. Therefore, after cutting the policy rate last year, the RBA is expected to maintain the policy rate at 1.5%.
Interestingly, this puts Sterling on a stronger footing against the AUD. The rate appears to be completing a massive base formation after rebounding from the 1.7000 support. A break of 1.800 to the upside would confirm GBPAUD‘s long-term base breakout.
Key events: Retail Sales (Tues), Reserve Bank of Australia (RBA) rate decision (Tues).

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