This pair denotes how many Australian Dollars are needed to purchase one British Pound. Often, the Australian Dollar is referred to as a risk currency due to its relatively higher interest rates and correlation to global equity markets. The British Pound depreciated relative to the Australian Dollar after 2008 and only began making a significant rebound in 2013 in light of declining growth in China and a slowdown in the global commodity supercycle, which has hurt Australia's largest sector, mining.
We have already held our breath through three rate decisions this week - RBA, BoJ and Fed - and all three left the market unfazed. However, we shouldn't grow complacent for the upcoming BoE.