GBP/AUD will bounce back from a major support line

The pair will bounce back from a major support line, sending the pair higher towards its previous high. An independent and stronger United Kingdom appears following the comments made by UK Prime Minister Boris Johnson. He said that Britain will not follow EU rules on future trading deals. The two (2) parties are currently in negotiations following the withdrawal of the United Kingdom from the European Union on January 31. As the UK negotiates deals with the EU, it is also increasing ties with non-EU countries. The country’s trade minister already assured New Zealand that it will be its priority in post-Brexit trade agreements. The UK is also looking towards Australia for a free trade agreement (FTA). However, the government of Australian PM Scott Morrison seems wary of its former colonial master. Despite his unwillingness to expand the current trading pact between the two (2) countries, analysts see Australia taking the hit more than the UK.