The GBP cross rate trades around 0.4750, as the Bank of England and the RBNZ appear to be in lock-step, as far as interest rates are concerned. The UK has seen economic conditions improve, in recent times, to welcome the new Government. The Labour Government have condemned the dire fiscal position of the Country and promised cuts and tax rises. These will not be popular and will surely not encourage economic growth. This may lead to some downside in the cross rate.
Current Level: 2.1097
Resistance: 2.1750
Support: 2.0800
Last Weeks Range: 2.0978- 2.1277