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Can the GBP continue to pressure the NZD?

Written by Sam Coxhead on March 9th, 2012.      0 comments

12.31 PM (NZT) The NZDGBP spent the week trading at the lower end of its recent broader range. The GBP has been helped by a somewhat resurgent EURO, and the NZD came under pressure early in the week as growth expectations saw a downward adjustment from Chinese officials. The NZD bounced off its lows, at what is crucial support at .5125 (GBPNZD topside resistance 1.9510). A break of these levels is needed for another wave of GBP strength to be seen. In the meantime expect the pair to continue to trade in what has become a familiar range .5125 - .5325 (GBPNZD 1.8780 - 1.9510). Little economic data in either economy next week means the pair will continue to be driven by the wider market forces.
 
The current interbank midrate is:                                                            NZDGBP .5210                              GBPNZD 1.9194
                                                               
The interbank range so far this week to date has been:                 NZDGBP .5127 - .5247                GBPNZD 1.9058 - 1.9505
 

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