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But, the curve is sloping downward, suggesting the peak might be in.
Pound Sterling Live's mid-year survey of over 30 leading investment banks shows a notable adjustment in expectations for the Pound to Australian Dollar exchange rate (GBP/AUD) compared to our March poll.
In March, the median consensus across 3-, 6-, and 9-month horizons suggested GBP/AUD would remain just above the 2.00 mark, with a steady but modest upward path.
The latest results reveal that investment banks have upgraded their forecasts across all timeframes, signalling a stronger outlook for the Pound in the months ahead than previously expected. (The full results are available on request here).
We consider the median and mean forecasts to be a strong anchor for those making to make rational FX payment decisions as they blend inputs from many research desks, each with its own models, data sources, and regional expertise.
This captures a wider range of market drivers than any single forecaster might, such as expectations for monetary policy, commodities and global risk sentiment.
However, despite the upgrade, the consensus forecasts suggest GBP/AUD might have peaked and is now set to drift lower from the current level of spot over the coming months.
In short, compared with March, the profile has shifted, but the direction remains lower, refining how quickly and how far analysts expect the move to unfold.
What this means if you're buying AUD with GBP:
If consensus plays out, time may work against GBP buyers as waiting could mean fewer Australian dollars per pound later on.
The full report explains which horizons see the greatest directional pressure, and how that compares with March’s view.
And for AUD sellers (AUD into GBP):
A rising AUD/GBP path would improve sterling proceeds over time, but the range of bank forecasts still spans meaningful upside and downside risks.
Our results PDF sets out the side-by-side March vs June forecasts (median, mean, high, low), highlights where expectations have shifted, and translates those changes into practical timing considerations for both GBP→AUD and AUD→GBP transfers, without the noise.
Request the PDF now to see the complete forecast tables and our quick-read strategy notes.