Westpac - "AUD/GBP looks to be a buy on dips multi-week, eyeing 0.6650-0.6700, with the RBA not rushing to cut rates again given China’s stronger growth momentum and not coincidental recovery in iron ore prices.
The main threat to the pair in Q1 is likely to be a period of risk aversion in Feb-Mar stemming from the US debt ceiling negotiations. AUD/GBP fell steeply during the US’s Aug 2011 debt limit debacle."