- UK markets still watching and waiting for Brexit to begin
- UK growth forecast raised following stronger consumer and business confidence
- UK inflation expectations put pressure on Bank of England
- Reserve Bank of New Zealand poised to cut interest rates
Buying or selling New Zealand Dollars?
Technically, GBP-NZD exchange rate has been trading in a relatively narrow range for the last few weeks. Sterling support will be seen at 1.6930 and GBP sellers will be targeting resistance at 1.7160. This very tight consolidation isn’t sustainable. So a breakout is likely on the cards. A break above 1.7160 should open up a move to 1.7300 initially. These w2ould both be good targets for NZD buyers. On the downside, 1.6800 is be the initial focus and that is a good level for GBP buyers. Anything outside these ranges would change the medium term outlook and we would look to new levels.
New Zealand Dollar Research Report compiled by Alastair Sweetman
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