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The NZD at the top of the recent range against the GBP.

Written by Sam Coxhead on November 2nd, 2012.      0 comments

3:33 PM (NZT) This pair continues  to trade within its familiar tight rage that we have seen for the last 7 weeks or so. Increased NZ dollar demand in the offshore session yesterday has seen the pair hit the ranges initial resistance at .5130 (support 1.9500). It will be interesting to see if this demand for the NZ dollar continues in the next few sessions as it has not been driven by economic data. Next week sees the NZ employment numbers on Thursday come ahead of the BOE monetary policy meeting. In the absence of any surprises, expect the recent range to holding in place with further resistance at .5160 (support 1.9760) if the current level does not cap the NZD appreciation.
 
The current interbank midrate is:                                             NZDGBP .5130                               GBPNZD 1.9493
                                                                                         
The interbank range so far this week to date has been:  NZDGBP .5082 - .5133                GBPNZD 1.9482 – 1.9677
 

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